The Owner of a Local Nightclub Has Recently Surveyed a Random

question 144

Multiple Choice

The owner of a local nightclub has recently surveyed a random sample of n = 250 customers of the club.She would now like to determine whether or not the mean age of her customers is greater than 30.If so,she plans to alter the entertainment to appeal to an older crowd.If not,no entertainment changes will be made.Suppose she found that the sample mean was 30.45 years and the sample standard deviation was 5 years.If she wants to have a level of significance at 0.01 what conclusion can she make?

• A)There is not sufficient evidence that the mean age of her customers is greater than 30.
• B)There is sufficient evidence that the mean age of her customers is greater than 30.
• C)There is not sufficient evidence that the mean age of her customers is not greater than 30.
• D)There is sufficient evidence that the mean age of her customers is not greater than 30.

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Definitions:

Real Rate

The interest rate that has been adjusted for inflation, reflecting the true cost of borrowing or the actual earnings on an investment.

Expected Rate

The anticipated return or yield on an investment or savings account, often based on historical data or statistical analysis.

Business Cycle

The fluctuating levels of economic activity that an economy experiences over a period, characterized by expansion and contraction phases.

Discouraged Workers

Individuals who are not actively seeking employment due to believing no jobs are available for them or none that match their skills.