Question
PLEASE EXPLAIN STEP BY STEP AND SHOW A large furniture store is using a new ad campaign on local television. Before the campaign, the long
PLEASE EXPLAIN STEP BY STEP AND SHOW
A large furniture store is using a new ad campaign on local television. Before the campaign, the long term mean of daily sales was $34,819. A random sample of 26 days during the new ad campaign gave a mean of daily sales of $35,310 and a standard deviation of $1,917. Does this indicate that the population mean daily sale is now more than $34,819? Assume the daily sales are normally distributed. Use a significance level of 5%
a. State the null and alternate hypotheses. Will you use a left-tailed, right-tailed, or two-tailed test?
b. What distribution do we use for the sample test statistic? Check the requirements for using this distribution.
c. What is the value of the test statistic?
d. Determine the p-value. Sketch the distribution and shade the area corresponding to the p-value. e. Will you reject or fail to reject the null hypothesis? Are the data statistically significant? f. State your conclusion in the context of the application.
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