An Entrepreneur Is Considering the Purchase of a Coin-Operated Laundry

question 183

Multiple Choice

An entrepreneur is considering the purchase of a coin-operated laundry.The current owner claims that over the past 5 years,the mean daily revenue was $675 with a population standard deviation of $75.A sample of 30 days reveals a daily mean revenue of $625.If you were to test the null hypothesis that the daily mean revenue was $675,which test would you use?

• A)Z-test of a population mean
• B)Z-test of a population proportion
• C)t-test of population mean
• D)t-test of a population proportion

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Definitions:

Immediate Application

The direct use of acquired knowledge or skills to a situation or problem without delay.

Chunking

A memory technique involving grouping individual pieces of information together to improve retention and recall.

Mnemonic Device

A technique used to improve memory by linking new information to familiar concepts or patterns.

Elaborative Rehearsal

A method of memory enhancement which involves thinking about the meaning of the term to be remembered, as opposed to rote repetition.