A sea food restaurateur is considering that city as a new location and wishes to be at least 95% sure that average sea-food expenditure is $40 or more per hh per month (since this has had a historic, time-tested ability to predict successful company locations). Advise the company management!
a.should not go ahead at this locationb.
b.should go ahead at this locationc.
c.should increase the confidence level to, say 95%, all else remaining same.
d.should decrease the variance (all else remaining same), and re-do the research.
e.should increase the variance (all else remaining same), and re-do the research.
I