(Answered) Given a sample size of 36 with sample mean 6703 and sample

Finance

Given a sample size of 36, with sample mean 670.3 and sample standard deviation 114.9, we perform the following hypothesis test.

Null Hypothesis ............H0: Î¼ = 700
Alternative Hypothesis ........HÎ±: Î¼ % 700

1. What is the test statistic?

2. At a 10% significance level (90% confidence level), what is the critical value in this test? Do we reject the null hypothesis?

3. What are the border values between acceptance and rejection of this hypothesis?

4. What is the power of this test if the assumed true mean were 710 instead of 700?

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