An analyst collected data from 25 randomly selected transactions and found the p

Question

An analyst collected data from 25 randomly selected transactions and found the purchase amounts (in $) The mean is $32.84 and the standard deviation is $14.35. The analyst wants to know if the mean purchase amount of all transactions is at least $27. Use the given information to complete parts a through e. a) What is the null hypothesis ? H_0: mu = $27 (Type an integer or a decimal) b) Is the alternative one-or two-sided? The alternative hypothesis is c) What is the value of the test statistic? The test statistic is. (Round to two decimal places as needed.) d) What is the P-value of the test statistic? P-value = (Round to four decimal places as needed.) e) What do your conclude at a = 0.005? The P-value is a, so the null hypothesis. There is evidence to conclude that the mean purchase amount of all transactions is greater than $27

Explanation / Answer

a)

H0: 27

H1: > 27

b)

The alternative hypothesis is one sided.

c)

tSTAT=X-µ/S/n

       =32.84-27/14.35/25

       =2.03

d)

0.026791 is the p-value

e)

p-value is less than a=0.005. Hence, cannot reject the null hypothesis. There is no sufficient evidence to conclude that the mean purchase amount of all transactions is greater than $27.

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