A group of young businesswomen wish to open a high fashion boutique in a vacant store...

A group of young businesswomen wish to open a high fashion boutique in a vacant store but only if the average income of households in the area is at least $25,000. A random sample of 9 households showed the following results.

$28,000	$24,000	$26,000	$25,000
$23,000	$27,000	$26,000	$22,000
$24,000

Assume the population of incomes is normally distributed.

a.	Compute the sample mean and the standard deviation.
b.	State the hypotheses for this problem.
c.	Compute the test statistic.
d.	At 95% confidence using the p-value approach, what is your conclusion?

Expert Solution

orchestra answered 3 years ago

A group of young business women wish to open a high fashion boutique in a vacant...

A group of young business women wish to open a high fashion boutique in a vacant store but only if the average income of households in the area is at least 25,000. A random sample of 9 households showed the following results. $28,000 $24,000 $26,000 $25,000 $23,000 $27,000 $26,000 $22,000 $24,000 Assume the population of income is normally distributed. Using the critical value approach, test the hypothosis at the 5% level of significance.

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