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T Test for Mean and One Sample Hypothesis

Need a suggestion for a One Sample Hypothesis from the following data set.

Price Price($000) Age of Buyer Type 0=Domestic 1 = Import
15935 15.935 25 1
15546 15.546 26 1
17357 17.357 28 1
20047 20.047 28 1
17399 17.399 29 1
18021 18.021 29 1
15794 15.794 30 1
17968 17.968 30 1
18890 18.89 31 1
24609 24.609 31 1
17266 17.266 32 1
19587 19.587 32 0
17891 17.891 33 1
20155 20.155 33 1
20445 20.445 34 1
19331 19.331 35 1
19688 19.688 35 1
20642 20.642 35 1
20895 20.895 35 0
23657 23.657 35 0
20203 20.203 36 1
21639 21.639 37 1
27453 27.453 37 1
27896 27.896 37 0
28034 28.034 38 1
28683 28.683 38 1
18263 18.263 39 1
20642 20.642 39 1
21740 21.74 39 0
27443 27.443 39 0
20454 20.454 40 1
23591 23.591 40 0
25449 25.449 40 0
21442 21.442 41 1
21722 21.722 41 0
22442 22.442 41 1
22845 22.845 41 1
19251 19.251 42 1
26613 26.613 42 1
29076 29.076 42 1
21556 21.556 43 1
21981 21.981 43 1
30872 30.872 43 0
19766 19.766 44 1
19889 19.889 44 1
20356 20.356 44 0
25799 25.799 44 0
26285 26.285 44 0
19873 19.873 45 1
20004 20.004 46 1
20818 20.818 46 1
23197 23.197 46 0
26651 26.651 46 1
26661 26.661 46 1
28337 28.337 46 0
23169 23.169 47 0
23613 23.613 47 1
24296 24.296 47 0
25277 25.277 47 0
26237 26.237 47 0
23372 23.372 48 0
23765 23.765 48 0
20962 20.962 49 1
24324 24.324 50 1
20633 20.633 51 1
22817 22.817 51 1
24533 24.533 51 0
28670 28.67 51 1
30655 30.655 51 0
32492 32.492 51 0
22374 22.374 53 0
25783 25.783 53 1
35925 35.925 53 0
24571 24.571 55 1
32277 32.277 55 0
24052 24.052 56 0
24285 24.285 56 0
25251 25.251 56 1
35851 35.851 56 0
24220 24.22 58 1

Solution Preview

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H0: Mean Price =$25000
H1: Mean Price <$25000
The test statistic used is
Significance level =0.05
Decision rule: Reject the null hypothesis, if the calculated value of test ...

Solution Summary

The solution provides step by step method for the calculation of population mean . Formula for the calculation and Interpretations of the results are also included.

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