SOLUTION: A grocer wants to test if the mean amount of money spent by all customers at his store is less than $100. Determine the value of the test statistic at the 0.01 significance level i

SOLUTION: A grocer wants to test if the mean amount of money spent by all customers at his store is less than $100. Determine the value of the test statistic at the 0.01 significance level i

Algebra.Com

Question 1162320: A grocer wants to test if the mean amount of money spent by all customers at his store is less than $100. Determine the value of the test statistic at the 0.01 significance level if a sample of 20 people produced a mean of $98 with a standard deviation of $3.
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
the test statistic is a t(0.99, df=19)=(x bar-mean)/s/sqrt (n)
this is t=(98-100)/$3/sqrt(20)
=-2*sqrt(20)/3
=-2.98
RELATED QUESTIONS
Regal Cinemas commissioned a national study to determine the amount of money spent on... (answered by Boreal)

The manager of a grocery store wants to determine the average amount of money spent at... (answered by Boreal)

John wanted to develop a pattern for determining the profit he makes at his store. (vv... (answered by stanbon)

The manager of the Super Mall, wants to estimate the mean amount spent per shopping visit (answered by jim_thompson5910)

Scarlett and Heather, the owners of an upscale restaurant in Dayton, Ohio, want to study... (answered by Theo)

Executives of a supermarket chain are interested in the amount of time that customers... (answered by edjones,richard1234)

Suppose it is known that the distribution of purchase amounts by customers entering a... (answered by stanbon)

The head accountant at Raglan resources is concerned over the clerical errors on... (answered by stanbon,duotmto)

I've completed some of the questions - however I am not sure if they are correct. Your... (answered by stanbon)