Discussion:
Q1: The Chamber of Commerce of a Florida community advertises that area residential property is available at a mean cost of $25,000 or less per lot. As a part-time resident, you believe this to be an untrue statement and you seek to test the validity of this claim at the .05 level of significance. You collect a sample of 32 properties and find the sample mean to be $26,000 per lot with a sample standard deviation of $2500.
Q2: Microsoft Outlook is believed to be the most widely used e-mail manager. A Microsoft executive claims that MS Outlook is used by at least 75% of all internet users. A study by a leading marketing research firm reported that 72% of the people use MS Outlook. Test the MS executive's claim assuming that a sample of size 300 was taken by the marketing research firm.