Mathematics, 28.02.2020 19:48, higfcbnbbb
The Mean Corporation would like to invest in the booming health food industry. It is considering the creation of a health-drink franchise called Goose Juice. The investment department of the Mean Corporation wants to investigate the feasibility of this venture by examining the profits of similar franchises. It believes that the venture will be feasible if an average annual profit of more than $89,000 can be expected from each Goose Juice that is opened. It is known that the annual profits earned by health-drink franchises has a population standard deviation of $7,800. The Mean Corporation's statisticians would like to construct a hypothesis test for the mean annual profit (μ) earned by health-drink franchises. A random sample of 60 franchises were chosen and their annual profit for the previous financial year was recorded. The mean annual profit for the sample was calculated as $90,300. The hypotheses that will be used by the statisticians are H0: μ = 89,000 and Ha: μ > 89,000.
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The Mean Corporation would like to invest in the booming health food industry. It is considering the...
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