1. Toll Brothers is a luxury home builder that would like to test the hypothesis that the average size of new homes exceeds 2,400 square feet. A random sample of 36 newly constructed homes had an average of 2,510 square feet. Assume that the standard deviation of the size for all newly constructed homes is 480 square feet. Toll Brothers would like to set α = 0.02. Use the p-value approach to test this hypothesis.
2. AT&T would like to test the hypothesis that the average revenue per retail user for Verizon Wireless customers equals $50. A random sample of 32 Verizon Wireless customers provided an average revenue of $54.70. It is believed that the population standard deviation for the revenue per retail user is $11.00. AT&T would like to set α = 0.05. Use the p-value approach to test this hypothesis.