What is a budget? (Need 2 sentences or more)

Mathematics

1 answer:

jeka57 [31]3 years ago

4 0

For this case, we have that by definition, a budget refers to:

An advance calculation of the cost of a work or a service.

For example:

"I asked the mechanic for the repair budget for my vehicle".

As another definition we have:

A set of expenses and income expected for a certain period of time. In the same way, it can be defined as a plan of operations and resources of a company.

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A variety of stores offer loyalty programs. Participating shoppers swipe a bar-coded tag at the register when checking out and r

dsp73

Answer:

$t=\frac{130-120}{\frac{40}{\sqrt{80}}}=2.236$

Now we can find the degrees of freedom:

$df=n-1=80-1=79$

Now we can calculate the p value with the alternative hypothesis using the following probability:

$p_v =P(t_{(79)}>2.236)=0.0141$

Using a significance level of 0.01 or 1% we have enough evidence to FAIL to reject the null hypothesis and we can conclude that shoppers participating in the loyalty program NOT spent more on average than typical shopper at this significance level assumed

Step-by-step explanation:

Information given

$\bar X=130$ represent the sample mean

$s=40$ represent the sample standard deviation

$n=80$ sample size

$\mu_o =120$ represent the value to verify

t would represent the statistic

$p_v$ represent the p value

System of hypothesis

We want to verify if shoppers participating in the loyalty program spent more on average than typical shoppers (120) , the system of hypothesis would be:

Null hypothesis: $\mu \leq 120$