Econ1203 (Stats) Assignment Help! (1 Viewer)

[Kieran95]

Hey guys,

I was wondering if someone would be able to help me go about answering the second KPI of the assignment. For the first one (asking about more than 40% of customers staying for the full week) i did a null hypothesis test and that answer seemed correct which i was happy with. However, for KPI #2, it asks if the average customer spends more than $255 per day and i was wondering how you would go about answering this question. I'm pretty sure its a hypothesis test again but i'm stuck. So far i've divided the mean expenditure by the mean days spent at the resort by customers (which gave me ~$239), but im not entirely sure if this was the right step or if it is, how would i work out the standard deviation to use for the hypothesis testing??

Thank you for any help!!

 

[ilikecats]

I'm not entirely sure because I don't go to unsw so obviously I don't have a copy of your assignment...

But if your parent population is normal, but the standard deviation is unknown/not given, you use the T formula.

If your comparing two populations and the S.D. is unknown, you assume the variances to be equal, and then use the pooled sample variance [ (Sp)squared ] to find it.

Either way, T is the key


Anyway, I hope that makes sense. We got a fantastic flow chart and outlines of how to figure which test it is, so hopefully i'm right