Interpretation of data

A study was commissioned to investigate the characteristics of local businesses. Data was collected on 70 local businesses and the following variables recorded:

Recorded variables (2018) created by Western Sydney University Online

Using the information you have been provided, answer the following questions:

QUESTION 1

Calculate a 95% confidence interval for the unknown population mean business age.

QUESTION 2

Test, at the 1% level of significance, whether the average business has more than 15 employees.

QUESTION 3

Test, at the 5% level of significance, whether the average profit in 2014 differs between businesses located in Parramatta CBD or located in Sydney CBD. You may assume that the unknown population standard deviations for Parramatta and Sydney businesses are equal.

QUESTION 4

Test, at the 5% level of significance, whether location (Parramatta or Sydney CBD) of the business is related to type of business (privately held, publicly traded or franchise).