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    Hypothesis testing problems

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    Last year the records of Dairy Land Inc., a convenience store chain, showed the mean amount spent by a customer was $30. A sample of 40 transactions this month revealed the mean amount spent was $33 with a standard deviation of $12. At the 0.05 significance level, can we conclude that the mean amount spent has increased? What is the p-value? Follow the five-step hypothesis testing procedure.

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    Solution Summary

    Step by step method for testing the hypothesis under 5 step approach is discussed here. Excel template for each problem is also included. This template can be used to obtain the answers of similar problems.