Suppose according to a 1990 demographic report the average U.S. household spends $90 per day. Suppose you recently took a sample of 30 households in Huntsille and the results revealed a mean of $84.50. Suppose the standard deviation is known to be $14.50. Usig a 0.05 level of significance, can it be concluded that the average amount spent per day by U.S. household has decreased? (Use p-value approach)
1. The parameter of interest:
2. The null hypothesis Ho:
3. The alternative hypothese H1:
4. Test statistic:
5. Reject Ho if:
6. Computations:
7. Conclusions: