Question
An entrepreneur is considering the purchase of a coin-operated laundry. The current owner claims that over the past five years, the average daily revenue was
An entrepreneur is considering the purchase of a coin-operated laundry. The current owner claims that over the past five years, the average daily revenue was $775 with a standard deviation of $75. A sample of 60 days reveals a daily average revenue of $795. Suppose you wanted to test the hypothesis that the daily average revenue was greater than $775. If the test is conducted at the 10% level of significance, what rejection region should you use?
Reject H0 if tcalc >2.327.
Reject H0 if zcalc < -1.282.
Reject H0 if tcalc> 1.645 or tcalc<-1.645.
Reject H0 if zcalc > 1.282.
Reject H0 if zcalc> 1.645 or zcalc<-1.645.
Reject H0 if tcalc < -2.327.
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