Question
The owner of a large car dealership believes that the financial crisis decreased the number of customers visiting her dealership. The dealership has historically had
The owner of a large car dealership believes that the financial crisis decreased the number of customers visiting her dealership. The dealership has historically had 800 customers per day. The owner takes a sample of 100 days and finds the average number of customers visiting the dealership per day was 750. Assume that the population standard deviation is 350. Does the data provide sufficient evidence to confirm the owner's concern?
a. When testing whether the owner's concern is founded, what is the appropriate hypothesis?
b. What is the test statistic? Round answer to three decimal places.
c. What is the p value? Round answer to four decimal places.
d. At a 10% significance level, what is your conclusion?
e. Let us suppose you later learned that your conclusions were incorrect. What is the error type you committed and what are the error's consequences?
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