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A student organization uses the proceeds from a soft drink vending machine to finance its activities. The price per can was $ 0.75 for a long time, and the mean daily revenue during that period was $ 75.00. The price was recently increased to $ 1.00 per can. A random sample of n = 20 days after the price increase yielded a sample mean daily revenue and sample standard deviation of $ 70.00 and $ 4.20, respectively. Does this information suggest that the mean daily revenue has decreased from its value before the price increase? Test the appropriate hypotheses using α = 0.05. |
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