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If I hypothesize that the true mean of sales is $10000 then collect a sample of...

If I hypothesize that the true mean of sales is $10000 then collect a sample of sales data from 20 people in your company and the sample average sales per person is $8900 per month. The estimated sample standard deviation is $1000, and then estimate a p-value of 0.0000951 , what should I conclude?

Assume we are shooting for a 5% (or 0.05) confidence level?

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Answer #1

The P value indicates the probability of test statistic when Ho is true. Here the P value is very low means it is inthe rejection region.

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