A recent survey reported that small businesses spend 24 hours a week marketing their business. A local chamber of commerce claims that small businesses in their area are not growing because these businesses are spending less than 24 hours a week on marketing. The chamber conducts a survey of 80 small businesses within their state and finds that the average amount of time spent on marketing is 23.0 hours a week. Assuming that the population standard deviation is 5.4 hours, is there sufficient evidence to support the chamber of commerce’s claim at the 0.02 level of significance? Step 3 of 3 : Draw a conclusion and interpret the decision. 1. We reject the null hypothesis and conclude that there is insufficient evidence at a 0.02 level of significance to support the chamber's claim that businesses are spending less than 24 hours a week on marketing. 2. We fail to reject the null hypothesis and conclude that there is insufficient evidence at a 0.02 level of significance to support the chamber's claim that businesses are spending less than 24 hours a week on marketing. 3. We fail to reject the null hypothesis and conclude that there is sufficient evidence at a 0.02 level of significance to support the chamber's claim that businesses are spending less than 24 hours a week on marketing. 4. We reject the null hypothesis and conclude that there is sufficient evidence at a 0.02 level of significance to support the chamber's claim that businesses are spending less than 24 hours a week on marketing.

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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A recent survey reported that small businesses spend 24 hours a week marketing their business. A local chamber of commerce claims that small businesses in their area are not growing because these businesses are spending less than 24 hours a week on marketing. The chamber conducts a survey of 80 small businesses within their state and finds that the average amount of time spent on marketing is 23.0 hours a week. Assuming that the population standard deviation is 5.4 hours, is there sufficient evidence to support the chamber of commerce’s claim at the 0.02 level of significance?

Step 3 of 3 : Draw a conclusion and interpret the decision.

1. We reject the null hypothesis and conclude that there is insufficient evidence at a 0.02 level of significance to support the chamber's claim that businesses are spending less than 24 hours a week on marketing.

2. We fail to reject the null hypothesis and conclude that there is insufficient evidence at a 0.02 level of significance to support the chamber's claim that businesses are spending less than 24 hours a week on marketing.

3. We fail to reject the null hypothesis and conclude that there is sufficient evidence at a 0.02 level of significance to support the chamber's claim that businesses are spending less than 24 hours a week on marketing.

4. We reject the null hypothesis and conclude that there is sufficient evidence at a 0.02 level of significance to support the chamber's claim that businesses are spending less than 24 hours a week on marketing.

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