Mean income of the sample to open a restaurant

Reference no: EM131767062

Question: Opening a restaurant. You are thinking about opening a restaurant and are searching for a good location. From research you have done, you know that the mean income of those living near the restaurant must be over $85,000 to support the type of upscale restaurant you wish to open. You decide to take a simple random sample of 50 people living near one potential location. Based on the mean income of this sample, you will decide whether to open a restaurant there.

(a) State appropriate null and alternative hypotheses. Be sure to define your parameter.

(b) Describe a Type I and a Type II error, and explain the consequences of each.

Reference no: EM131767062

Questions Cloud

Discuss briefly the improvement or lack thereof : discuss briefly the improvement or lack thereof in financial position and operating results

Is the language exploitive or sensitive to the victim : Is the language exploitive or sensitive to the victim? Does the news item provide any public health or health information?

Requirement for those applying for certain jobs : Employers often list a 4-year college degree as a requirement for those applying for certain jobs.

Write a two pages paper about geography : Assignment- Write a two pages paper about geography. Examples: weather change, hurricane, earthquake, clouds.

Mean income of the sample to open a restaurant : Opening a restaurant. You are thinking about opening a restaurant and are searching for a good location.

Compute the amount of the liability : With some of its products, Schmitt Company includes coupons that are redeemable in merchandise. Compute the amount of liability that should appear on December

Discuss about the past psychiatric history : Address in a comprehensive client assessment of the Hernandez family the following: Demographic information, Presenting problem etc.

Discuss the current population location climate etc : Content: In your own words, introduce your country, and discuss the current population, location, climate, etc. - no more than thirty words.

State appropriate null and alternative hypotheses in setting : Blood pressure screening Your company markets a computerized device for detecting high blood pressure. The device measures an individual's blood pressure.

User Account

All Pages