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he average sales per store of ABC Inc.’s best-selling product in a supermarket chain last year was...

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Statistics

he average sales perstore of ABC Inc.’s best-selling product in a supermarket chainlast year was $15,000. A random sample of80 stores selected from the chain shows that thisyear the average sales per store is $14,300 with asample standard deviation of $8,000. We wish to determine if theaverage sales per store this year is less than $15,000.

1.   Statethe null and alternative hypotheses to be tested. (2Points)

2.   Computethe test statistic. (2 Points)

3.  Determine the critical value for this test at the 0.05 level ofsignificance. (2 Points)

4.   What doyou conclude at the 0.05 level of significance? (2Points)

5.  Construct a 95% confidence interval for the average sales per storethis year. (2 Points)

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