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A retail company wants to determine if the average daily sales of their new product line have significantly increased compared to the old product
A retail company wants to determine if the average daily sales of their new product line have significantly increased compared to the old product line. The company randomly selects 100 stores that carry both the old and new product lines and records the daily sales of each product line for a week. The data collected are shown in the table below: Product Line Sample Size Sample Mean Sample Standard Deviation Old 100 5000 1000 New 100 5500 1200 - State the null and alternative hypotheses for the hypothesis test. Determine the appropriate test statistic and explain why it is suitable for the problem. Calculate the test statistic and p-value for the hypothesis test. Interpret the results of the hypothesis test in the context of the problem. - Determine the minimum sample size required to detect a difference in daily sales between the old and new product lines with a desired level of significance and power. - Conduct a post-hoc power analysis to determine the power of the hypothesis test.
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