Recently two Playbill executives suggested that Playbill\'s reader mean average
ID: 3078303 • Letter: R
Question
Recently two Playbill executives suggested that Playbill's reader mean average household income has increased and the magazine price should be raised. As Playbill's new marketing manager, you convince Playbill's chief operating officer to complete a second survey with Boos Allen to confirm that assertion. Yesterday the new Boos Allen report appeared on your desk. From another sample of Playbill customers taken from a recent list of customers you e-mailed Boos Allen, the 2012 Playbill customer's profile is a mean annual household income of $124,450 with a population standard deviation of household income unchanged at $30,000.Explanation / Answer
Recently two Playbill executives suggested that Playbill's reader mean average household income has increased and the magazine price should be raised. As Playbill's new marketing manager, you convince Playbill's chief operating officer to complete a second survey with Boos Allen to confirm that assertion. Yesterday the new Boos Allen report appeared on your desk. From another sample of Playbill customers taken from a recent list of customers you e-mailed Boos Allen, the 2012 Playbill customer's profile is a mean annual household income of $124,450 with a population standard deviation of household income unchanged at $30,000. You realize that even though you do not have the Playbill reader population standard deviation, you do have enough data to perform a "One Sample Hypothesis Test." In order to choose the correct statistical tool to complete this assignment, consider the following questions:
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