J 1

PLEASE READ THE QUESTION CAREFULLY BEFORE ANSWERING

THE SOLUTION SHOULD INCLUDE THE MEAN DURATION OF TIME, THE CRITICAL VALUE AND THE TEST STATISTIC ANSWER

Again based on the data presented in Problem 5, the hypothesis that the mean duration of a shop in the given trade is equal to 24 months is tested against the alternative that it is shorter. The standard deviation calculated on the base of the data equals 9 months (based on the unbiased estimator of the variance). . The mean duration time is equal to ..... and the cri- tical region for the verification of the hypothesis for significance level o = 0.01 is equal to . The test statistic is equal to ... ce level or = 0.01 we REJECT /DO NOT HAVE GROUNDS TO REJECT Ho ( underline the appropriate)