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Suppose we would like to determine if the typical amount spent per customer for dinner at a new restaurant in town is more than $20.00.A
Suppose we would like to determine if the typical amount spent per customer for dinner at a new restaurant in town is more than $20.00.A sample of 49 customers over a three-week period was randomly selected and the average amount spent was $22.60.Assume that the standard deviation is known to be $2.50.
- Using a 95% confidence level of significance, would we conclude the typical amount spent per customer is more than $20.00?
- Discuss your interpretation of your findings.
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