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Kolbe, product manager for a line of shoes, is wondering whether to introduce his product line...

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Basic Math

Kolbe, product manager for a line of shoes, is wondering whetherto introduce his product line into a new market area. A recentsurvey of a random sample of 500 households in that market showed amean household income of $34,000 with a standard deviation of$2,000. On the basis of past experience and of comprehensivestudies in current market areas, Kolbe believes the product linewill be profitable only in markets where the mean household income(across all households) is greater than $30,000. Should Kolbeintroduce the product line into the new market?

Answer & Explanation Solved by verified expert
3.7 Ratings (406 Votes)
Since n is very large we use the Z test1 Tailed Ztest Single MeanGiven 30000 34000 s 2000 n 500 005 DefaultTheHypothesisH0 30000 The mean household income is equal to    See Answer
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