Posted: March 23rd, 2017

Test the hypothesis that the population average income in an area I am interested in is greater than $55,000

. Describe the five step hypothesis testing model in detail by commenting about each step and important aspects of the steps. An adequate description would entail about ten comments.

2. Test the hypothesis that the population average income in an area I am interested in is greater than $55,000. If I can show that the mean is indeed greater than that amount I intend to open an up scale restaurant that, by past experience, will probably be successful. If the average income is less than $55,000 my restaurant will probably fail.