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    Computing the Mean, Standard Deviation, and Testing Hypothesis

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    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 $23,000 $24,000 $24,000 $27,000 $26,000 $26,000 $25,000 $22,000
    (Assume the population of incomes is normally distributed)

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

    © BrainMass Inc. brainmass.com June 4, 2020, 12:46 am ad1c9bdddf
    https://brainmass.com/statistics/hypothesis-testing/computing-mean-standard-deviation-testing-hypothesis-359351

    Solution Summary

    This solution shows how to compute the sample mean and standard deviation of a given data set. Additionally, this solution states a hypothesis for the problem and computes the test statistics.

    $2.19

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