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Business Statistics A restaurant owner determined that the average bill per table amount to $61 in the previous year.She collects a sample of 30...
Business Statistics
A restaurant owner determined that the average bill per table amount to $61 in the previous year. She collects a sample of 30 bills and finds that the sample average bill is $64. She wishes to conduct a statistical test at the 5% level of significance to determine whether the average bill per table has changed since last year. You may assume that the standard deviation of bills per table is $7. Please show the full formula and working.
Determine the null and alternative hypotheses. Determine the p-value for this test. explain whether the null hypothesis should be rejected. What can the restaurant owner conclude from this?
