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MY NOTES A student organization uses the proceeds from a soft drink vending machine to finance its activities. The price per can was $0.75
MY NOTES A student organization uses the proceeds from a soft drink vending machine to finance its activities. The price per can was $0.75 for a long time, and the mean daily revenue during that period was $75.00. The price was recently increased to $1.00 per can. A random sample of n 25 days after the price increase yielded a sample mean daily revenue and sample standard deviation of $70.00 and $4.25, respectively. Does this information suggest that the mean daily revenue has decreased from its value before the price increase? Test the appropriate hypotheses using = = 0.05. USE SALT State the appropriate null and alternative hypotheses. (Enter != for # as needed.) Ho H Find the test statistic. (Round your answer to two decimal places.) Use technology to find the P-value. (Round your answer to four decimal places.) P-value = State the conclusion in the problem context. We fail to reject Ho. We do not have convincing evidence that the mean daily revenue from the soft drink vending machine has decreased from its value before the price increase. We reject Ho. We do not have convincing evidence that the mean daily revenue from the soft drink vending machine has decreased from its value before the price increase. We reject Ho. We have convincing evidence that the mean daily revenue from the soft drink vending machine has decreased from its value before the price increase.. We fail to reject Ho. We have convincing evidence that the mean daily revenue from the soft drink vending machine has decreased from its value before the price increase.
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