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?
a. ? = 25,000 . s = 1,936.49
b. H0: ? ? 25,000
Ha: ? < 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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