Dr. Mack Lemore, an expert in consumer behavior, wants to estimate the average a

Question

Dr. Mack Lemore, an expert in consumer behavior, wants to estimate the average amount of money that people spend in thrift shops. He takes a small sample of 8 individuals and asks them to report how much money they had in their pockets the last time they went shopping at a thrift store. Here is the data:

15, 24, 14, 18, 17, 25, 16, 18.

He wishes to test the null hypothesis that the average amount of money people have in their pockets is equal to $20. Calculate the test statistic to two decimal places.

Explanation / Answer

Dr. Mack Lemore, an expert in consumer behavior, wants to estimate the average a

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