A grocery supermarket chain is considering an outlet near a new middle-income housing development. They want...
A grocery supermarket chain is considering an outlet near a new
middle-income housing
development. They want to be certain that the average income is
above $38,000 per year. A
random sample of 49 families from the development gives a mean
income of $39,500 per year
with a standard deviation of $700 per year. Should they establish
the outlet? Justify your answer
using a 3% level of confidence.
a. No, because the sample mean is not significantly greater than
$38,000 at the 3% level.
b. Yes, because the sample mean is significantly greater than
$38,000 at the 3% level.
c. No, because the sample mean is significantly greater than
$38,000 at the 3% level.
d. Yes, because the sample mean is not significantly greater than
$38,000 at the 3% level.
Homework Answers
The statistical software output for this problem is:
From the above output, p - Value is less than 0.03 significance level so we reject the null hypothesis. Hence,
Yes, because the sample mean is significantly greater than $38,000 at the 3% level.
Option B is correct.
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