Perform a two sided hypothesis test to see if the mean is different from 32,000 (the curren mean), sample size=30, The sample mean=31,896 and the sample standard deviation is 480. Assume that the observations are normally distributed.
a. Perform a hypothesis test at the 1% significance level. What is a point estimate for the mean (mu)?
b. Describe the critical region for this test by providing the critical values and describing the proper region.
c. Calculate the test statistic.
d. The correct decision at the 1% alpha level is:
e. Calculate the P-value for this test.
f. Calculate the appripriate Confidence interval (mu) to help us confirm our conclusion.