Solve

1 The operator of a small business monitors visitors' traffic to her store's website every day before 6 AM. Very often, she also takes random samples of amounts of transaction items from the previous days and tries to resolve reported issues. However, from her experience, the items that are labeled 'low-priced' are mislabeled for lack of understanding of their functions. She decided to test if the average purchase amount (in $) of 'low-priced' transactions is no more than $60, which she claims that the overall average is expected to be. She draws a random sample of 24 items from a database of transactions (that exhibit bell-shaped distribution) and finds the sum and sum of squares of the amounts (X) as follows: EX =1446.59; EX2 =95826.36. Is there sufficient evidence to support the owner's claim? What is the p-value of the appropriate test statistic