How to determine the test statistic and critical value? The average monthly cost for electricity at a certain factory is believed to be R10392. When a sample of 24monthly payments is taken it is found that the average is R10334.0 and the standard deviation is R1288. It isdesired to determine whether there is sufficient evidence to conclude that the mean monthly cost of electricity isless than R10392. Use a significance level of 5% and assume the monthly payments are normally distributed.The hypotheses are given as:Họ : a = 10392H₁: pYou are required to determine the test statistic and critical value for this test.

GivenMean(x)=10334.0standard deviation(s)=1288sample size(n)=24significance level(α)=0.05

Answered: The average monthly cost for…

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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