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:

CEO

The Chief Executive Officer is the top executive in a company or organization, bearing the ultimate responsibility for decision-making.

Empowerment

The process of enabling or authorizing an individual or group to think, behave, take action, and control work in autonomous ways.

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A leadership approach focused on giving team members autonomy, encouragement, and resources to make decisions and achieve goals.

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A leadership philosophy that emphasizes the importance of serving others, focusing on the growth and well-being of people and communities.