Discussion:
Average cost of $3,200 for products. n=25. After review it seems mean cost is $2,000 with a standard deviation of $150.
Test that average cost is $3,200 or more versus $2,000. assume level of significance of .05.
Q: What is the null hypothesis and the alternative hypothesis? What is the critical value and the p-value? What is the test statistic? Construct 95% confidence interval for the mean cost.