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.
n = 40, x-bar = 33, s = 12, mu = 30
(a) H0: The mean amount spent has not increased vs Ha: The mean amount spent has increased.
(b) Decision Rule: Reject H0 if the z- ...
Neat, step-by-step solution is provided.