Discussion:
Use alpha = 0.05 unless specified otherwise. For each hypothesis test state HA (the research hypothesis) and H0 (the null hypothesis) using the proper symbols. (You can type mu or sigma for the corresponding symbols.) Include a "summary statement" for each hypothesis test.
A formal Summary Statement is REQUIRED as part of all solutions that include a CI or hypothesis test.
FACTS:
A producer of steel cables wants to know whether the steel cables it produces have an average breaking strength of 5000 pounds. An average breaking strength of less than 5000 pounds would not be adequate, and to produce steel cables with an average breaking strength in excess of 5000 pounds would unnecessarily increase production costs. The producer collects a random sample of 64 steel cable pieces. The breaking strength for each of these cable pieces is recorded in the list of data set out below.
(a) Using a 5% significance level, what statistical conclusion can the producer reach regarding the average breaking strength of its steel cables? Explain your answer.
(b) Using a 1% significance level, what statistical conclusion can the producer reach regarding the average breaking strength of its steel cables? Explain your answer