90.2K

Verified Solution

Link Copied!

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 a 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 MY NOTES 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

Answer & Explanation Solved by verified expert

See Answer