Statistics: Evalulating back charges for an engineering firm
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An engineering firm is evaluating their back charges. They originally believed their average back charge was $1800. They are concerned that the true average is higher, which could hurt their quarterly earnings. They randomly select 40 customers, and calculate the corresponding sample mean back charge to be $1950. If the standard deviation of back charges is $500, and alpha = 0.04, should the engineering firm be concerned? Perform an appropriate hypothesis test, showing the necessary calculations and/or explaining the process used to obtain the results.
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Solution Summary
The expert evaluates the back charges for an engineering firm in statistics.
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Null Hypothesis Ho: μ ≤ 1800
Alternate Hypothesis Ha: μ > 1800
Critical z-value= ...
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