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In the past, patrons of a cinema complex have spent an average of $5.00 for popcorn and other snacks, with a standard deviation of $1.80. The amounts of these expenditures have been normally distributed. Following an intensive publicity campaign by a local medical soci- ety, the mean expenditure for a sample of 18 patrons is found to be $4.20. In a one-tail test at the 0.05 level of significance, does this recent experience suggest a decline in spending? Determine and interpret the p-value for the test.

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Accounting Basics, Accounting

Category:- Accounting Basics
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