According to a Staples/Decision Analyst survey conducted in 2013, full-time small-business owners in the United States worked an average of 50.4 hours per week. A recent random sample of 60 full-time small-business owners was selected, and it was found that they worked an average of 48.6 hours last week with a sample standard deviation of 11.4 hours.

a. Using a = 0.05, is there enough evidence from this sample to conclude that the average number of hours that full-time small-business owners work per week is different than 50.4 hours?

b. Estimate the p-value for this test using Table 5 in Appendix A.

c. Determine the precise p-value for this test using Excel.

d. Use PHStat to validate these results.

AppendixLO1