Comstock Resources, a Texas oil and gas exploration company, reports that the average cost of drilling a well is $ 1.65 million (source: news. corporate. findlaw.com). Crowder Drilling claims that its new technology will reduce that average cost per well. To make its case, Crowder cites a random sample of 40 wells that were dug using its new technology. The average cost for the sample of wells is $ 1.52 million.
a. Is this sample result sufficient to make Crowder’s case? Use a significance level of 5% and assume the population standard deviation is $. 64million.
b. Report the p value for this sample result and explain what it means.