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Home Q & A Board Science-Related Homework Help Mathematics Statistics and Probability
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CountrySlim84 CountrySlim84
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A group of young businesswomen wish to open a high fashion boutique in a vacant store but only if the average income of households in the area is at least $25,000. A random sample of 9 households showed the following results.

$28,000$24,000$26,000$25,000
$23,000$27,000$26,000$22,000
$24,000   


Assume the population of incomes is normally distributed.

a.Compute the sample mean and the standard deviation.
b.State the hypotheses for this problem.
c.Compute the test statistic.
d.At 95% confidence using the p-value approach, what is your conclusion?

Textbook 
Essentials of Statistics for Business and Economics

Essentials of Statistics for Business and Economics


Edition: 7th
Authors:
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brassgodbrassgod
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More solutions for this book are available here


a. = 25,000     s = 1,936.49
b.H0: μ 25,000
 Ha: μ< 25,000
c.test statistic t = 0
d.p-value = 0.5; do not reject H0, the boutique should be opened.
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