A retail store manager knows the average weekly sales revenue for last year was $42 000. The
Question:
A retail store manager knows the average weekly sales revenue for last year was $42 000. The store manager also knows that weekly sales are subject to many factors and show a large amount of variability. The standard deviation for all weekly sales recorded last year was $7500. The manager wants to determine whether the variance in weekly sales has changed during the course of the current year. A random sample of 15 weekly sales figures (in dollars) is selected for the current year and is shown in the table. Assuming that weekly sales are normally distributed, use the data and ? = 0.05 to determine whether the variance in weekly sales has changed.
Step by Step Answer:
Business Analytics And Statistics
ISBN: 9780730363330
1st Edition
Authors: Ken Black, John Asafu Adjaye, Paul Burke, Nelson Perera, Carl Sherwood, Saleh A. Wasimi