Retail federation conducted a nationwide survey

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Reference no: EM1392887

A retail federation conducted a nationwide survey of 1000 adults last October and found that approximately 55% of the respondents planned to do some type of Halloween decorating. The federation claims that households spend an average of $45 on Halloween candy, costumes, and decorations; the total Halloween market is estimated to generate about $7 billion in sales. Suppose that a retail manager in Pembroke wished to determine if the average household in the Pembroke area planned to spend more than $45. A random sample of 25 households yielded a mean of $52 with a standard deviation of $18. Do the data support the belief that the average household in the Pembroke area spends more than $45 in preparation for Halloween; use a significance level of .01.

Reference no: EM1392887

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