You Are Given the Following Information Obtained from a Random

question 2

Essay

You are given the following information obtained from a random sample of 4 observations.

You want to determine whether or not the mean of the population from which this sample was taken is significantly different from 48.(Assume the population is normally distributed. )
a.State the null and the alternative hypotheses.
b.Determine the test statistic.
c.Determine the p-value;and at 95% confidence test to determine whether or not the mean of the population is significantly different from 48.

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Definitions:

Net Income

The profit of a company after all expenses, taxes, and costs have been subtracted from total revenue.

Total Contribution Margin

The difference between total sales revenue and total variable costs, representing the amount available to cover fixed expenses and generate profit.

Variable Cost

Costs that fluctuate with the level of production or sales, such as raw materials or commission fees.

Fixed Costs

Fixed costs are expenses that do not change with the level of production or sales activities within a certain range or period.