SOLUTION: Before the change the average sales used to be 24952$ a day with a standard deviation of $1904 a random sample of 38 days gave a sample mean of $25894 a day does this indicate the

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Question 1105651: Before the change the average sales used to be 24952$ a day with a standard deviation of $1904 a random sample of 38 days gave a sample mean of $25894 a day does this indicate the population mean daily sales are now more then they used to be use 1% level is significance
Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
Before the change the average sales used to be 24952$ a day with a standard deviation of $1904. A random sample of 38 days gave a sample mean of $25894 a day. Does this indicate the population mean daily sales are now more then they used to be? Use 1% level of significance.
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Ho: u<= 24952
Ha: u > 24952 (claim)
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z(25894) = (25894-24952)/(1904/sqrt(38)) = 3.049
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p-value = p(z > 3.049) = normalcdf(3.049,100) = 0.0011
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Conclusion:: Since the p-value is less than 1% reject Ho.
Conclusion:: The test results support the claim that u > 24952
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Cheers,
Stan H.
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