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3. [Marks:10] Testing of Hypothesis: A small scale restaurant owner did a survey in the area where his restaurant is located, and found that the
3. [Marks:10] Testing of Hypothesis: A small scale restaurant owner did a survey in the area where his restaurant is located, and found that the average daily profit for a small scale restaurant business like his is Rs. 32500. He wants to test or verify if the average daily profit his business makes is significantly greater than Rs. 32500. For this, he randomly selected 25 days from the past year's entry log and carried out an appropriate test of hypothesis. The output from this test is given in Table 4. Based on the output and assuming daily profit values follow normal distribution, answer the following questions: Table 4. Variable 1 Mean 33018.8 Variance 863733.4167 Observations 25 Hypothesized Mean Difference 32500 df 24 t Stat 2.791130295 P(T
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