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HOOPS: Statistically analyze the change in monthly sales

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Hi, I need some guidance with this question:

In the past, monthly sales for HOOPS, a small software firm, have averaged $20,000 with standard deviation
$4000. During the last year sales averaged $22,000 per month. Does this indicate that monthly
sales have changed (in a statistically significant sense)? Use  0.05.

Assume monthly sales are normally distributed.

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This solution is comprised of a neat, step-by-step solution of how to statistically analyze change in monthly sales.

Solution Preview

Ho: There is no change in the monthly sales, that is mu = 20000

Ha: There is a significant change in the monthly ...

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