In 2003, the mean sales per day for all stores in Canada of this particular reta

Question

In 2003, the mean sales per day for all stores in Canada of this particular retailer was $910. The economist would like to determine whether the mean sales has changed over the past 10 years. He collects a random sample of 49 stores in Canada. These 49 stores had mean daily sales of $1000. A 95% confidence interval for the true mean amount of sales is calculated to be ($860, $1140). Which of the following can be concluded? (A) At the 5% level of significance, we will fail to reject HO, since $910 is inside the interval. (B) At the 5% level of significance, we will fail to reject HO, since $1000 is inside the interval. (C) At the 5% level of significance, we will reject HO, since $910 is inside the interval. (D) At the 2.5% level of significance, we will fail to reject HO, since S1000 is inside the interval. (E) At the 2.5% level of significance, we will reject H0, since $910 is inside the interval.

Explanation / Answer

Option A is correct.

At the 5% level of significance,we fail to reject HP, since $910 is inside the interval.

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