What's the price of something that's $69.80 but has a 60% discount
2 answers:
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Answer:
We need to conduct a hypothesis in order to determine if the mean is greater than specified value, the system of hypothesis would be:
Null hypothesis:
Alternative hypothesis:
For this case the significance is 1%. So we need to find a critical value in the normal standard distribution who accumulates 0.99 of the area in the left and 0.01 in the right and for this case this critical value is:
Step-by-step explanation:
Notation
represent the sample mean
represent the standard deviation for the population
sample size
represent the value that we want to test
represent the significance level for the hypothesis test.
z would represent the statistic (variable of interest)
State the null and alternative hypotheses.
We need to conduct a hypothesis in order to determine if the mean is greater than specified value, the system of hypothesis would be:
Null hypothesis:
Alternative hypothesis:
For this case the significance is 1%. So we need to find a critical value in the normal standard distribution who accumulates 0.99 of the area in the left and 0.01 in the right and for this case this critical value is: