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Hypothesis Testing on Men's Spending Habits

To see if young men ages 9 - 17 spend more or less than the average of $24.44 per shopping trip, the manager surveyed 33 young men and found the average amount spent was $22.67.
The pop std us $3.70. At alpha 0.2, can it be concluded the average amount spent by the young men is not equal to $24.44

Perform appropriate hypothesis test.

Solution Summary

This solution provides a null and alternative hypothesis and calculates and compares the test statistic to the p-value. A decision is made to accept or reject the null hypothesis of men's spending habits.