Economics and Finance Economic growth in China has contributed to increased demand for crude oil and rising gasoline prices in several countries. In May 2013, the mean crude oil imported per day in China was 5.64 million barrels.40 A random sample of 17 days in the last quarter of 2013 was obtained and the crude oil imported was recorded for each (in million barrels per day, bpd).
The summary statistics were x 5 5.869 million bpd and σ = 1.16 million bpd. Is there any evidence to suggest that the mean crude oil imported per day in China has increased? Use a = 0.05 and assume normality.