Probability of accepting the null hypothesis

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Reference no: EM1320553

A Wendy's franchise has been averaging about $5000 worth of business on a typical Saturday with a standard deviation of σ = $500.  The manager is concerned that sales are slipping, after taking into account the average value of sales for four consecutive Saturdays being $4800. 

If the true mean for Saturday sales is now $4500, what is the probability of accepting the (false) null hypothesis in (a) above (the probability of not sharing the manager's concern because of lack of evidence)?

Reference no: EM1320553

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