How to reject or fail to reject the null hypothesis

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Reference no: EM13117950

A large furniture store has begun a new ad campaign on local television. Before the campaign, the longterm average daily sales were $24,819. A random sample of 40 days during the new ad campaign gave a sample mean daily sale of x = $25,910. Does this indicate that the population mean daily sales is now more than $24,819? Use a 1% level of significance. Assume σ = $1917. (a) What is the level of significance? State the null and alternate hypotheses. Will you use a left-tailed, right-tailed, or two-tailed test? (b) Identify the sampling distribution you will use: the standard normal or the Student's t. Explain the rationale for your choice. What is the value of the sample test statistic? (c) Find (or estimate) the P-value. Sketch the sampling distribution and show the area corresponding to the P-value. (d) Find the critical value(s). (e) Based on your answers for parts (a) to (d), will you reject or fail to reject the null hypothesis? State your conclusion in the context of the application.

Reference no: EM13117950

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