a store pays $150 for a portable basketball backboard and the markup is 40%.what is the selling price?
2 answers:
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Answer:
Step-by-step explanation:
Set up hypotheses as
(Left tailed test at 5% level)
Sample mean = 53.4
Sample std dev s = 4.4
Sample std error = 4.4/sqrt 50 = 0.6222
Mean diff = 3.4
Test statistic = Mean diff/std error = 0.5464
(t test only can be used as population sigma is not known)
df = 50-1 =49
p value = 0.2939
Since p>0.05 we accept null hypothesis
Specification has not been met.