HOOPS: Statistically analyze the change in monthly sales
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Hi, I need some guidance with this question:
In the past, monthly sales for HOOPS, a small software firm, have averaged $20,000 with standard deviation
$4000. During the last year sales averaged $22,000 per month. Does this indicate that monthly
sales have changed (in a statistically significant sense)? Use 0.05.
Assume monthly sales are normally distributed.
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This solution is comprised of a neat, step-by-step solution of how to statistically analyze change in monthly sales.
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Ho: There is no change in the monthly sales, that is mu = 20000
Ha: There is a significant change in the monthly ...
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