(Answered) A chain coffee shop owner buys a new espresso machine and

Statistics

A chain coffee shop owner buys a new espresso machine and wants to determine whether this new machine is generating any profits. To test the profitability of the machine, the owner collects data on the profit made (in thousands of dollars) from 16 randomly selected stores and finds that the sample mean and sample standard deviation are $100 and $200, respectively. If the profit level is normally distributed

a. State the null and alternative hypothesis.

b. Test the hypotheses using a standardized test statistic at 1% significance level.

c. Explain the results you find.

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