You are advised to perform the appropriate hypothesis test using pencil and paper, along with a calculator and statistical tables, and then use your working to answer the questions below. It is...

You are advised to perform the appropriate hypothesis test using pencil and paper, along with a calculator and statistical tables, and then use your working to answer the questions below.

It is claimed that on-line shopping can lead to considerable savings in some areas. One magazine claims that purchasing a personal computer (PC) from an on-line company results on average in savings of at least $750. A consumer group wished to test whether the claim was exaggerated, and a random sample of 43 customers who purchased a PC on-line were contacted and asked to estimate the amount they had saved by purchasing their PC on-line. The mean of these 43 estimates was $732. Assume that the population standard deviation is $53.

A hypothesis test is to be performed to determine whether this data provides sufficient evidence to contradict the magazine's claim at the 1% level.

(a) According to the null hypothesis, the value of the population mean is $Answer. (Answer in the form of a whole number with no decimal point or decimal places.)
(b) Is the test one-tailed or two-tailed? Answer: Answer (answer 1 or 2)
(c) To 3 decimal places the critical value of the test statistic for this hypothesis test is: Answer (Answer in the form x.xxx or -x.xxx)
(d) To 3 decimal places the test statistic calculated from the sample is: Answer (Answer in the formx.xxx or -x.xxx)
(e) Is the magazine's claim contradicted at the 1% level? Answer: Answer (Answer YES or NO)
(f) Would it be contradicted at the 5% level? Answer: Answer (Answer YES or NO)