Suppose that we want to estimate the mean daily profit of a convenience store Fo

Question

Suppose that we want to estimate the mean daily profit of a convenience store For this purpose, we record the daily profit for a random sample of days The sample has a mean of 578 dollars and a standard deviation of 70 dollars For each of the following sampling scenarios, determine which test statistic is appropriate to use when making inference statements about the population mean. (In the table. Z refers to a variable having a standard normal distribution, and t refers to a variable having a t distribution.)

Explanation / Answer

1)

since sample size is n>30 so we can use normal distribution as well as t distribution so

could use either t or z

2)

n<30 and population standard deviation is unknown hence

t test

3)

since Population standard deviation known and sample size n>30 so

z test

4)

population standard deviation known so

Z test

5)

since we do not know about population and sample size is also small so

Unclear

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