Colorado economy: the annual business report (1993-1994) indicates that for the past decade the cattle ranching industry in colorado has held steady with a mean total cash receipt of about 2.7 billion dollars annually. a sample of 30 ranches has a mean total cash receipt of 2.85 billion dollars with standard deviation of 0.55 billion dollars. is the colorado cattle ranching expanding?

The colorado ranching is not expanding

Explanation:

The null hypothesis, H₀ : μ = 2.7 billion

Alternative hypothesis, Ha : μ > 2.7 billion

n = 30

The observed test statistic,

Degree of freedom = n-1 = 30 -1 = 29

Significance level = 0.05

For the critical value, we check the t - table at 0.05 significance level

Since, we will accept H₀

That is the mean total cash receipt is 2.7 billion and the colorado ranching is not expanding

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