Find mean household income of customers of the chain

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Reference no: EM131813596

Question: The mean household income in a region served by a chain of clothing stores is $48,750. In a sample of 40 customers taken at various stores the mean income of the customers was $51,505 with standard deviation $6,852.

a. Test at the 10% level of significance the null hypothesis that the mean household income of customers of the chain is $48,750 against that alternative that it is different from $48,750.

b. The sample mean is greater than $48,750, suggesting that the actual mean of people who patronize this store is greater than $48,750. Perform this test, also at the 10% level of significance. (The computation of the test statistic done in part (a) still applies here.)

Reference no: EM131813596

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