According to BIGresearch, holiday shoppers spent an average of $373 over the Thanksgiving weekend in 2008. The following data show the amount spent by a random sample of holiday shoppers during the same weekend in this year: $427 $274 $370 $238 $222 $215 $360 $434 $387 $395 $323`
$63 $415 $429 $377 $279
A) Test the hypothesis that the shoppers spent less than an average of $373 over the Thanksgiving weekend using the level of significance of .05. State the null and alternative hypotheses.
B) Draw a picture of the distribution. Show the critical values, reject and do not reject regions, and test statistic.
C) What is the hypothesis test conclusion using both the critical value and the p-value approaches?
D) Explain your results to your manager since you also have Thanksgiving weekend sales.