You manage a local tex-mex restaurant called “Garage Taco Bar.â€You have recently switched all of your business to takeout due tothe pandemic and you want to make sure you are still making enoughmoney to stay open. The owner says that to keep everything runningyou need to be making more than $3,000 per day in takeout orders.Looking back on your records you take a random sample of 8 days anddetermine the following sample statistics. Assume the daily revenueis approximately normal.
Garage Taco Bar daily revenue:x1=$3,103,s1=$154
You decide you should run a hypothesis test to determine if youshould stay open.
a. Define the hypotheses for this test. Is this a one-tailed ortwo-tailed test? If one-tailed, is it upper- or lower-tailed?
b. Give a rejection region for this test based on anα=0.05 significance level.
c. Solve for the test statistic and interpret the results of thetest.
