Discuss the below:
Q: A study conducted by Runzheimer International showed that Paris is the most expensive place to live of the 12 European Community cities. Paris ranks second in housing expense, with a rental unit of six to nice rooms costing an average of $4,292 a month. Suppose a company's CEO believes this figure is too high and decides to conduct her own survey. Her assistant contacts the owners of 55 randomly selected rental units of six to nice rooms and finds that the sample average cost is $4008, with a standard deviation of $386. Using sample results and level of confidence of 0.01, test to determine whether the figure published by Runzheimer International is too high. Was it a one- or two-tailed test?