A Hairdresser Believes That She Is More Profitable on Tuesdays,her

question 71

Essay

A hairdresser believes that she is more profitable on Tuesdays,her lucky day of the week.She knows that,on average,she has a daily revenue of $250.She randomly samples the revenue from eight Tuesdays and finds she takes in $260,$245,$270,$260,$295,$235,$270,and $265.Assume that daily revenue is normally distributed.
a.Specify the population parameter to be tested.
b.Specify the null and alternative hypotheses to test the hairdresser's claim.
c.Calculate the sample mean revenue and the sample standard deviation.
d.Compute the value of the appropriate test statistic.
e.At the 10% significance level,specify the critical value(s).
f.At the 10% significance level,is the hairdresser's claim supported by the data?

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Definitions:

Persistent Wage Differentials

The continuous difference in wages across sectors, regions, or occupations due to factors like differences in skill levels, working conditions, or geographic location.

Principal-Agent Problems

Issues that arise when a principal hires an agent to perform tasks, and the agent's best interest does not align with the principal's.

Human Capital

The skills, knowledge, and experience possessed by an individual or population, viewed in terms of their value to an organization or society.

Apprenticeship Training

A system of training a new generation of practitioners of a trade or profession through on-the-job training and often some accompanying study (classroom work and reading).