Hypothesis test-one sample mean


A manufacturer thinks he can get $124.00 for his product. Wanting to prove his belief he gathered a random sample of 64 potential buyers of his product and found on average they were willing to pay $121.9 with the sample standard deviation of $16.00.  If he tests at the a = .05 level what would he conclude?

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Basic Statistics: Hypothesis test-one sample mean
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