In order to justify the price marketing wants, the wax need to be very fast. Specifically, the mean time to finish their standard test course should be less than 55 seconds for a former olympic champion. To test it, the champion will ski the course 8 times. The champion's times are 59.8, 62.7, 51.9, 53.8, 48.1, 48.1, 53.1, and 40.3 secounds to complete the test course.
What is the valye of the test statistic?
What is the P-value of the test statistic?
Should they market the wax?