Discuss the below:
Q: Consider a chemical company that wishes to determine whether a new catalyst, catalyst XA-100, changes the mean hourly yield of its chemical process from the historical process mean of 750 pounds per hour.
When five trial runs are made using the new catalyst, the following yields (in pounds per hour) are recorded: 801, 814, 784, 836, and 820
t-statistic
6.942585
p-valve
0.002261
a: Letting mu be the mean of all possible yields using the new catalyst, set up the null and alternative hypotheses needed if we wish to attempt to provide evidence that mu differs from 750 pounds.
b: The mean and the standard deviation of the sample of 5 catalyst yields are and s = 19.647. Using a critical value and assuming approximate normality, test the hypotheses you set up in part a by setting alpha equal to .01. The p-value for the hypothesis test is given in the Excel output on the page margin. Interpret this p-value.