Hypothesis Testing (Z Testing)
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A manufacturer believed he can get $1240 for his product. Wanting to prove his belief he collected a random sample of 64 potential buyers of his product and found on average they were willing to pay $1200 with a sample standard deviation of 100. If he tests at the  = .05 level what would he conclude?
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Solution Summary
This solution states the null and alternative hypothesis, calculates the test statistic, compares it to the p-value, and make a decision to accept or reject the null hypothesis.
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Hypothesis testing (Z testing)
5. A manufacturer believed he can get $1240 for his product. Wanting to prove his belief he collected a random sample of 64 potential buyers of his product and found on average they were willing to pay $1200 with a sample standard deviation of 100. If he tests at the α = .05 ...
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