You believed that the average expense per month is above 840. Conduct a hypothes

Question

You believed that the average expense per month is above 840. Conduct a hypothesis testing to determine whether there is statistical evidence to support your claim that the average expense per month is indeed above 840. Provide the p-value from your analysis.

Expense 840 1051 1064 789 643 939 738 923 910 729 709 1031 669 964 744 761 776 660 899 562 1075 894 992 853 895 994 749 880 1082 876 797 1039 750 708 679 1045 955 729 713 1004 833 938 817 966 590 984 758 1068 862 789 722 832 885 935 1021 993 764 922 807 1119 970 916 989 739 851 871 707 1104 650 623 855 963 615 813 774 783 758 780 878 692

Explanation / Answer

here null hypothesis: mean <=840

alternate hypothesis: mean>840

for above p value =0.2445

as p value is significantly high therefore we can not reject null hypothesis

there is not sufficient evidence that the average expense per month is above 840.

X 840 1051 1064 789 643 939 738 923 910 729 709 1031 669 964 744 761 776 660 899 562 1075 894 992 853 895 994 749 880 1082 876 797 1039 750 708 679 1045 955 729 713 1004 833 938 817 966 590 984 758 1068 862 789 722 832 885 935 1021 993 764 922 807 1119 970 916 989 739 851 871 707 1104 650 623 855 963 615 813 774 783 758 780 878 692 mean(X) 850.575 std deviation(S) 136.051 std error =S/(n)1/2 15.211 t=(X-mean)/std error 0.695 p value 0.244

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