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. Does this information suggest that the mean daily revenue has decreased from its value before the price increase? Test the appropriate hypotheses using alpha = 0.05
State the appropriate null and alternative hypotheses.
A H₀ / μ = 75 Hₐ / μ < 75
B H₀ / μ = 75 Hₐ : μ ne75
C H₀ / μ < 75 Hₐ / μ > 75
D H₀ / μ > 75 Hₐ / μ < 75
E H₀ / μ = 75 overline Hₐ / μ > 75