A recent survey reported that small businesses spend 24 hours a week marketing their business. A local chamber of commerce claims that small businesses in their area are not growing because these businesses are spending less than 24 hours a week on marketing. The chamber conducts a survey of 88 small businesses within their state and finds that the average amount of time spent on marketing is 23.2 hours a week. Assuming that the population standard deviation is 4.2 hours, is there sufficient evidence to support the chamber of commerce’s claim at the 0.05 level of significance? Step 1 of 3:
State the null and alternative hypotheses for the test. Fill in the blank below. H0Ha: μ=24: μ⎯⎯⎯⎯⎯⎯⎯⎯24
Step 2 of 3: Compute the value of the test statistic. Round your answer to two decimal places.
Step 3 of 3: Draw a conclusion and interpret the decision.