6) A music industry professional claims that the average amount of money that an average teenager spends per month on music is at least $50. Based upon previous research, the population standard deviation is estimated to be $12.42, The music professional surveys 20 students and finds that the mean spending is $47.77. Is there evidence that the average amount spent by students is less than $50?

MATLAB: An Introduction with Applications
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Author:Amos Gilat
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Chapter1: Starting With Matlab
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something other than 14 minutes? Use a =0.01.
C 5ん
6) A music industry professional claims that the average amount of money that an
average teenager spends per month on music is at least $50. Based upon previous
research, the population standard deviation is estimated to be $12.42, The music
professional surveys 20 students and finds that the mean spending is $47.77. Is there
evidence that the average amount spent by students is less than $50?
Transcribed Image Text:something other than 14 minutes? Use a =0.01. C 5ん 6) A music industry professional claims that the average amount of money that an average teenager spends per month on music is at least $50. Based upon previous research, the population standard deviation is estimated to be $12.42, The music professional surveys 20 students and finds that the mean spending is $47.77. Is there evidence that the average amount spent by students is less than $50?
Expert Solution
Step 1

Given that 

Hypothesized Population Mean (\mu) = 50
Population Standard Deviation (\sigma) = 12.42
Sample Size (n) = 20
Sample Mean (\bar X) = 47.77
Significance Level (\alpha) 0.05
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