Your manager has speculated the following:
a. the average (mean) annual income was less than $50,000,
b. the true population proportion of customers who live in an urban area exceeds
c. the average (mean) number of years lived in the current home is less than 13
d. the average (mean) credit balance for suburban customers is more than
1 – Using the sample data, perform the hypothesis testfor each of the above situations in order to see if there is evidence to support your manager’s belief in each case a.-d. In each case use the Seven Elements of a Test of Hypothesis, in Section 6.2 of your text book with ? = .05, and explain your conclusion in simple terms. Also be sure to compute the p-value and interpret.
2 – Follow this up with computing 95% confidence intervalsfor each of the variables described in a.-d., and again interpreting these intervals.
3 – Write a report to your manager about the results, distilling down the results in a way that would be understandable to someone who does not know statistics. Clear explanations and interpretations are critical.
A- Summary Report (about 1 paragraph on each of the speculations a.-d.)
B- Appendix with all of the steps in hypothesis testingfor each speculation a.-d. as well as the confidence intervals, and including all Minitab output