A company attempts to evaluate the potential for a new bonus plan by selecting a sample of 4 salespersons to use the bonus plan for a trial period. The weekly sales volume before and after implementing the bonus plan is shown below. (For the following matched samples, let the difference "d" be d = after - before.)
a.State the hypotheses.
b.Compute the test statistic.
c.Use Alpha = .05 and test to see if the bonus plan will result in an increase in the mean weekly sales.
Definitions:
Price Discrimination
A pricing strategy where identical or substantially similar goods or services are sold at different prices by the same provider in different markets.
Antitrust Laws
Legislation enacted to prevent monopolies and promote competition among businesses, ensuring fair market practices and consumer protection.
Deadweight Loss
Deadweight loss refers to a loss in economic efficiency that can occur when the equilibrium for a good or a service is not achieved or is not achievable.
Marginal Cost
The cost of producing one additional unit of a product or service, reflecting the change in total cost that arises from an increase in production.
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