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Economics

The manager of a vacation resort has claimed that, on average, a guest spends at least $1600 at the resort during a one week stay, including meals and entertainment. A member of the accounting staff does not believe the amount is that high. They authorize you to settle their dispute. You take a sample of 16 guests that had stayed at the resort over the last several weeks. Tracking the spending of these guests at the resort you determine that the guests spent a mean of $1478. Assume that the population standard deviation is $160. Test the accountant's claim that the mean is actually less than $1600 versus the manager's

With this problem, what would you have told the manager and accountant about their dispute?

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91707582

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