A Random Sample of 15 Hourly Wages for Waitresses (Including

question 1

Short Answer

A random sample of 15 hourly wages for waitresses (including tips) was drawn from a normal population. The sample mean and sample standard deviation were computed as = $14.9 and s = $6.75. Can we infer at the 5% significance level that the population mean is greater than 12?
Test statistic = ______________
Critical Value(s) = ______________
Conclusion: ______________
Interpretation: ______________
Can we infer at the 5% significance level that the population mean is greater than 12, assuming that you know the population standard deviation is equal to 6.75?
Test statistic = ______________
Critical Value(s) = ______________
Conclusion: ______________
Interpretation: ______________

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Definitions:

Utility Schedule

A table that shows the level of satisfaction or utility that a consumer derives from consuming different quantities of a good or service.

Marginal Utility

The extra pleasure or benefit a consumer receives from having one additional unit of a product or service.

Pepsi

A global brand of carbonated soft drinks produced and manufactured by PepsiCo.

Marginal Utility

The extra pleasure or advantage gained by using an additional unit of a product or service.