Computing the Mean, Standard Deviation, and Testing Hypothesis Show all work A group of young busine

/in /by

Computing the Mean, Standard
Deviation, and Testing Hypothesis

Show all work

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

(Assume the population of incomes
is normally distributed)

-Compute the sample mean and the
standard deviation

-State the hypotheses for this
problem

-Compute the test statistic

-At 95% confidence, using the
p-value approach, what is your conclusion?

 
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