Homework Answers
a.
b.
c.
Alpha = level of significance = 0.05
d.
In minitab select 'Stat' > 'Basic statistic' > '1 sample T test'. New window will pop up on screen refer following screen shot and enter information accordingly.
Minitab output:
One-Sample T: Revenues
Test of μ = 24 vs > 24
Variable N Mean StDev SE Mean 95% Lower Bound T P
Revenues 50 31.50 28.70 4.06 24.69 1.85 0.035
P-value = 0.035
Since p-value is less than 005, we reject null hypothesis and conclude that average revenue of largest businesses in the United states is greater than $24 billion.
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