A group of young businesswomen wish to open a high fashion boutique in a vacant store but only if the average income of households in the area is at least $25,000. A random sample of 9 households showed the following results. $28,000 $24,000 $26,000 $25,000 $23,000 $27,000 $26,000 $22,000
$24,000
Assume the population of incomes is normally distributed.
a.Compute the sample mean and the standard deviation.
b.State the hypotheses for this problem.
c.Compute the test statistic.
d.At 95% confidence using the p-value approach, what is your conclusion?

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The Answer of A group of young businesswomen wish to open a high fashion boutique in a vacant store but only if the average income of households in the area is at least $25,000. A random sample of 9 households showed the following results. $28,000 $24,000 $26,000 $25,000 $23,000 $27,000 $26,000 $22,000
$24,000
Assume the population of incomes is normally distributed.
a.Compute the sample mean and the standard deviation.
b.State the hypotheses for this problem.
c.Compute the test statistic.
d.At 95% confidence using the p-value approach, what is your conclusion?

A Group of Young Businesswomen Wish to Open a High