A student organization uses the proceeds from a soft drink vending machine to finance its activities. The price per can was $0.75 for a long time, and the mean daily revenue during that period was $75.00. The price was recently increased to $1.00 per can. A random sample of n=20 days after the price increase yielded a sample mean daily revenue and sample standard deviation of $70.00 and $4.30, respectively.
State the appropriate null and alternative hypotheses. Find the test statistic.
A) Null hypothesis H_0: mu > 75 vs Alternative hypothesis H_1: mu < 75 ; Test statistic = -3.49
B) Null hypothesis H_0: mu > 75 vs Alternative hypothesis H_1: mu > 75 ; Test statistic = -3.49
C) Null hypothesis H_0: mu = 75 vs Alternative hypothesis H_1: mu neq 75 ;Test statistic = -4.65
D) Null hypothesis H_0: mu > 75 vs Alternative hypothesis H_1: mu leq 75 ; Test statistic = -4.65
