Problem 1:
How do you decide how many tissues to put in a box.
Mid-1990s Kimberly Clark started putting 60 tissues in a packet. Early 2000s they said they needed 70. what was the thought process? Do I accept or reject the null hypothesis? If it is different, what do i do?
< = .05
N = 250
X(mean or avg) = 56.6760
6 = 25.0343
p value = .018
Second problem:
Mayor of the city considering a 1% tax generation. City owns property, leases it to businesses.
City 4500 Business
R.J.N= 223
95% confident level
X(mean or avg) = $478,603.48
6 = $535,342.56 ( 3 million)
What is the amount of revenue they will increase with 1% tax generation.
This one has to do with confidence intervals
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