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Mathematics, 08.05.2021 01:30 am2garcia5

Based on past experience, the daily revenue, X, for a coffee shop in a city is a normally distributed random variable with a mean daily revenue of $900. The first co-owner of the shop feels that the shop is known throughout the city and as such they could reduce the amount of money spent on advertising without causing a decrease in the population mean daily revenue. The second co-owner is concerned that a reduction in advertising would in fact result in a decrease in the population mean daily revenue. To settle the issue, the first co-owner decides to decrease the advertising dollars for a period of time, during which she will select 64 days at random and compute the sample mean daily revenue. She will then perform a hypothesis test to determine if the sample mean daily revenue provides significant evidence to conclude that the population mean daily revenue is less than $900 when the advertising dollars are reduced. The first co-owner observes a sample mean daily revenue of $892.50 with a sample standard deviation of $24 when the advertising dollars have been reduced. What is the p-value for her test

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Based on past experience, the daily revenue, X, for a coffee shop in a city is a normally distribute...
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