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3. A small business in Irvine that sells clothing makes roughly $35 per transaction. The CEO suspects that the business has recently been making less than usual. 40 transactions are randomly sampled from recent transactions and the dollar amount of the transaction

by Essaynice Tutors | Sep 8, 2023 | statistics

3. A small business in Irvine that sells clothing makes roughly $35 per transaction. The CEO
suspects that the business has recently been making less than usual. 40 transactions are randomly
sampled from recent transactions and the dollar amount of the transaction recorded. The sample
has a mean of $32.50 and standard deviation of $2.50.

a. Make and justify a statistical decision at the ?= 0.15 significance level and state your conclu-
sions in context of the problem.