Statistical inference to business decision scenarios

Assignment Help Basic Statistics

Reference no: EM1395191

The manager of the Gander Mountain store in Frogtown, IL, believes that his prices for ammunition are lower than the prices of his primary competitor in the hunting equipment market, Cabela's. He would like to be able to provide evidence to support this assertion.

- What are the Gander Mountain manager's null and alternative hypotheses?

- How should he go about taking samples to gather data for testing the hypotheses?

- What statistical test should he use to test his hypothesis, using the data he has collected?

Reference no: EM1395191

Questions Cloud

How to train case workers to visit homes-estimate children : You are in charge of training new case workers to visit homes and estimate children. You are creating the hand-out for this training on first two years of development.

Statistical theory in business decision making : The theory underlying inferential statistics and other theoretical aspects are subjects we do not often consciously think about in our daily activities.

Find the probability for child blood group : In a particular squash plant, white fruit is dominant to yellow fruit.A white fruited plant is crossed to a yellow fruited plant.Whe the seeds from this cross are planted.

Difference in the average waiting time between two shops : Using a 1% level of significance, can we say that there is a difference in the average waiting time between the two shops? Find the critical value(s).

Statistical inference to business decision scenarios : The manager of the Gander Mountain store in Frogtown, IL, believes that his prices for ammunition are lower than the prices of his primary competitor in the hunting equipment market, Cabela's.

P-value for the sample test statistic : Find the P value or an interval containing the P value for the sample test statistic.

Determining decision modeling : A start-up publishing company estimates that the fixed costs of its first major project will be $190,000, the variable cost will be $18, and the selling price per book will be $34.

How research method in psychology advantageous : Research Design: Prepare the own research design. Follow outline below and explain each step. Write down concluding paragraph explaining how the research method in psychology advantageous for you today.

Standard deviation of the mean : The lifetimes of light bulbs of a particular type are normally distributed with a mean of 370 hours and a standard deviation of 5 hours. What percentage of bulbs has lifetimes that lie within 1 standard deviation of the mean on either side?

User Account

All Pages