Identify the Null Hypothesis, Alternative Hypothesis, Test Statistic, P-Value, Conclusion $\sigma = 1.5 ^ { \circ } \mathrm { C }$

question 50

Essay

Identify the null hypothesis, alternative hypothesis, test statistic, P-value, conclusion about the null hypothesis, and final conclusion that addresses the original claim.
-Various temperature measurements are recorded at different times for a particular city.
The mean of 20°C is obtained for 60 temperatures on 60 different days. Assuming that $\sigma = 1.5 ^ { \circ } \mathrm { C }$ test the claim that the population mean is 22°C. Use a 0.05 significance level.

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Definitions:

Check Clearing

The process by which banks settle transactions made by checks, ensuring that the funds move from the check writer's account to the recipient's.

Fractional Reserve Banking

A system in which depository institutions held reserves that are less than the amount of total deposits.

Actual Reserves

The amount of funds that a bank has on hand and in reserve accounts, which can be used to meet any withdrawal or payment demands.

Vault Cash

The physical currency a bank holds in its vault as part of its required reserves or for daily operations.