SOLUTION: The profits of a corner store for 6 days are 2,000 pesos, 3,000 pesos, 1,200 pesos, 6,000 pesos, 4,000 pesos, and 5,100 pesos. Does this set of data present sufficient evidence t

Question 1194538: The profits of a corner store for 6 days are 2,000 pesos, 3,000 pesos, 1,200 pesos, 6,000 pesos,
4,000 pesos, and 5,100 pesos. Does this set of data present sufficient evidence that the average
profit per day of the store is more than 3,800 pesos per day? Test at the 0.05 level of
significance.
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
this is a one sample t-test
Ho: mean is <= 3800
Ha:: mean is >3800
alpha=0.05 p{reject Ho|Ho true}
test is t (0.95, df=5)
critical value t>2.015
t=(x bar-mean)/s/sqrt(n)
=(3550-3800)/1835/sqrt(6)
=-250*sqrt(6)/1835
=-0.333
fail to reject Ho (obvious, since mean of sample- hypothesized mean is < 0.
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