An entrepreneur is considering the purchase of a coin-operated laundry. The current owner claims that over the past 5 years, the average dai

Question

An entrepreneur is considering the purchase of a coin-operated laundry. The current owner claims that over the past 5 years, the average daily revenue was $675 with a standard deviation of $75. A sample of 30 days reveals a daily average revenue of $625. If you were to test the null hypothesis that the daily average revenue was $675 with a level of significance level of 0.01. Which test would you use and why?

a. Z-test of a population mean.
b. T-test of population mean.
c. Z-test of population proportion.
d. t-test of a population proportion

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Nem 7 months 2021-07-17T07:27:54+00:00 1 Answers 30 views 0

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    2021-07-17T07:29:49+00:00

    Answer:

    a. Z-test of a population mean.

    Step-by-step explanation:

    The current owner claims that over the past 5 years, the average daily revenue was $675 with a standard deviation of $75.

    This means that we have a large sample, which means that we can consider this to be the standard deviation for the population, which eliminates the t-test, leaving options a and c.

    Population mean or proportion?

    Mean, as a proportion is a value between 0 and 1, while average revenue may have lots of possible values. So the answer is given by option A.

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