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A magazine publisher tells potential advertisers that the mean household income of its regular readership is $61,500. An advertising agency wishes to test this claim
A magazine publisher tells potential advertisers that the mean household income of its regular readership is $61,500. An advertising agency wishes to test this claim against the alternative that the mean is smaller. A sample of 40 randomly selected regular readers yields mean income $59,800 with standard deviation $5,850. Perform the relevant test at the 1% level of significance.
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