I dont know how to go about answering this question. We have been told to

Write the null and alternative hypothesis

Show data (or formula) you used to answer the question - clients will pay 26 or no?

Write what each part of the formula (Z Score) indicates in detail Use the appropriate reporting style to answer questions: clients will pay 26 or no? Write what each part of the formula (Cohen's D) indicates in detail

Comment on size of power Repeat the above steps for question: clients are willing to pay 30 or no?

Jo is continuing her evaluation of the data from the Cakes shop. She found a file containing the price paid for each chocolate cake over the previous year (see Revenues').

Mr Swindon also gave her the data collected from a survey of 50 potential customers on the price they might pay for one of the cakes (see the sheet named 'Part 3 - Survey'). Jo would like to evaluate if it is viable to set the price at 26 per cake, or even at 30 per cake.

Using the data provided, determine if clients are willing to pay more than 26 per cake with a 95% confidence interval. Determine also if that remains true if charging more than 30 per cake. Perform a Cohen's d test to further understand the difference between the means of the price data (see the sheet named 'Part 3 - Revenues') and the survey data (see the sheet named 'Part 3 - Survey').

Survey

Survey data

32

34

29

31

27

27

22

24

21

35

33

22

28

26

24

29

22

20

23

23

29

21

31

29

27

33

32

31

23

30

23

26

29

27

21

35

24

24

34

33

32

25

20

22

34

33

23

25

27

22

Revenue

Price	No cakes sold
21	330
22	438
23	757
24	356
25	356
26	1052
27	656
28	790
29	622
30	238