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An entrepreneur is considering the purchase of a coin-operated laundry. The current owner claims that over the past 5 years, the average daily revenue was $675 with a standard deviation of $75. A sample of 30 days reveals a daily average revenue of $625. If you were to test the null hypothesis that the daily average revenue was $675 and decide not to reject the null hypothesis, what can you conclude?
There is not enough evidence to conclude that the daily average revenue was $675.
There is not enough evidence to conclude that the daily average revenue was not $675.
There is enough evidence to conclude that the daily average revenue was $675.
There is enough evidence to conclude that the daily average revenue was not $675.
Suppose we want to compare the observed and expected number of events among the group 250 treatments.
If the true mean for Saturday sales is now $4500, what is the probability of accepting the (false) null hypothesis.
Construct a 95% confidence interval for the true average amount of time customers spent in the restaurant. With a .95 probability, how large of a sample would have to be taken to provide a margin of error of 2.5 minutes or less?
how do you know when to use the minimization and maximization lp
You work at a facility and want to perform an assessment of your safety culture – this would involve multiple topics of questions expecting answers like agree, tend to agree, not sure, tend to disagree, disagree.
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The Starbucks in the Bauer College of Business found that 24% of customers purchase more than one cup of coffee per day from their shop. If 180 customers are randomly selected one day, what is the probability that no less than 25% of them purchase..
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The smallest quantity in a cell is minus 35, but two different cells with minus signs have 35 units in them. What problem will this cause and how should this difficulty be resolved?
What is the expected value of the sampling distribution model for the proportion of 480 freshmen that will return to the same school for their sophomore year?
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