Question
A fast food company is considering a new lunch item. The company will choose the item based on test market results. The item should show
A fast food company is considering a new lunch item. The company will choose the item based on test market results. The item should show a higher weekly demand than one of the regular items on the menu. The analysis needs to show a difference at a 0.01 level of significance to be selected. The output below shows the analysis based on the sample data (weekly sales were recorded in 1000's in the data file)
(PLEASE REMEMBER: this is a practice exam and I have created these to be "automatically graded" so you get a feedback. In the ACTUAL EXAM all fill-in-the-blanks and short answer questions will be manually graded, so you don't need to worryif youare entering the right words,numberof decimals, etc.)
New Item | Regular Item | |
Mean | 17.50666667 | 16.19444444 |
Variance | 4.037117117 | 20.86838006 |
Observations | 75 | 108 |
Hypothesized Mean Difference | 0 | No data |
df | 157 | No data |
t Stat | 2.640045854 | No data |
P(Tt) one-tail | 0.004563106 | No data |
t Critical one-tail | 2.350333732 | No data |
P(Tt) two-tail | 0.009126212 | No data |
t Critical two-tail | 2.607506474 | No data |
Fill in the table below with the correct answers:
Is this a one-tail or two-tail test? | |
Does the data support the claim? | |
What is the lower bound for a 98% confidence interval? |
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