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A random sample of 20 purchases showed the following amounts (in $) 39.05 2.73 32.92 47.51 37.91 34.35 64.48 51.96 56.95 81.58 47.80 11.72 21.57
A random sample of 20 purchases showed the following amounts (in $)
39.05 | 2.73 | 32.92 | 47.51 |
37.91 | 34.35 | 64.48 | 51.96 |
56.95 | 81.58 | 47.80 | 11.72 |
21.57 | 40.83 | 38.24 | 32.98 |
75.16 | 74.3 | 47.54 | 65.62 |
An analyst wants to know if the mean purchase amount of all transactions is at least $40? Assume a significance level of 5%.
a) What is the null hypothesis?
b) Is the alternative hypothesis one-sided or two-sided?
c) What is the value of the test statistic?
d) What is the p-value of the test statistic?
e) What do you conclude at sigma = .05?
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