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    Testing hypotheses based on a given data set

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    Experience raising New Jersey Red chickens revealed the mean weight of the chickens at five
    months is 4.35 pounds. The weights follow the normal distribution. In an effort to increase their
    weight, a special additive is added to the chicken feed. The subsequent weights of a sample of
    five-month-old chickens were (in pounds):
    4.41 4.37 4.33 4.35 4.30 4.39 4.36 4.38 4.40 4.39
    At the .01 level, has the special additive increased the mean weight of the chickens?
    Estimate the p-value.

    A recent article in theWall Street Journal reported that the prime rate for large banks now exceeds
    9 percent. A sample of eight small banks in the Midwest revealed the following prime rates (in
    10.1 9.3 9.2 10.2 9.3 9.6 9.4 8.8
    At the .01 significance level, can we conclude that the prime rate for small banks also
    exceeds 9 percent? Estimate the p-value.

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    Solution Summary

    The solution contains detailed explanation of testing hypotheses using the five-step procedures.