The average insulin level in a certain group of patients is 240 ml. A new medication is designed to lower the level in this population after one month. A sample of 60 people in the population used the medication for 30 days, after which their average insulin level was 232 milligrams with a standard deviation of 18 milligrams. The company that created the new medication would like to see if the average insulin level in the population has been reduced.
Test the company's belief that the average insulin level has been reduced, at the 0.01 level of confidence. Show all the steps of the hypothesis process.
Additional Information
This question is based on the Statistics and describe about testing a new drug that decreases the level of insulin in patients. The average level of insulin reduction at 0.01 level of confidence is calculated in the solution.