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Hypothesis Testing

The cost of an e-commerce website can vary a great deal. A market research team hypothesized that the cost of an average website is $3500.

Ho mean = $3,500
H1 mean ? $3,500

The sample data obtained showed the following costs:

2000, 3000, 3500, 3900, 6000, 7000, 10000, 12000, 14900, 19900, 6990, 9990, 2400

I need someone to tell me the mean, standard deviation, variance, t-statistic, etc. and do a hypothesis test. Also answer the following questions in detail.

a. Clearly define the dependent and independent variables that are the focus of the team's study. The dependent variable is the variable whose value is the result or is a function of the control or independent variables.
b. State the null and alternative hypotheses that will be tested -- and the theories that support these hypotheses. You should also identify the methodology that will be used to test these hypotheses.
c. Compute the sample size required for the project and provide clear support for the criteria used to arrive at this figure.
d. Make a final interpretation explaining how the results of your research impact the problem.

Solution Summary

The solution does a good job of explaining the different concepts associated with Hypothesis Testing. The solution has answers in both Excel and PDF format. The solution first identifies the dependent and independent variables. It then formulates a null and alternative hypothesis. This is then followed by calculation of sample size and the results of the Hypothesis Test.