According to a Staples/ Decision Analyst survey conducted in 2013, full time small business owners in the United States worked an average of 50.4 hours per week. A recent random sample of 60 full time small business owners was selected, and it was found that they worked an average of 48.6 hours last week with a sample standard deviation of 11.4 hours.
a. Using σ = 0.05, is there enough evidence from this sample to conclude that the average number of hours that full time small business owners work per week is different than 50.4 hours?
b. Estimate the p value for this test using Table 5 in Appendix A.
c. Determine the precise p value for this test using Excel.
d. Use PHStat to validate these results.