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Formulating null and alternative hypothesis to test the claim that the Wendy's franchise has been averaging about $5000.

A Wendy's franchise has been averaging about $5000 worth of business on a typical Saturday with the standard deviation of σ = $500. The manager is concerned that sales are slipping, after taking into account the average value of sales for four consecutive Saturdays being $4800.

If the true mean for Saturday sales is now $4500, what is the probability of accepting the (false) null hypothesis in (a) above (the probability of not sharing the manager's concern due to lack of evidence)?

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  • Category:- Statistics and Probability
  • Reference No.:- M920982

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