#1 A restaurant chain wants to test whether the average wait time for their customers has changed after they implemented a new queueing system. They collect a sample of 30 customers and find that the average wait time is 8 minutes. They want to test whether it has changed from the previous wait time, which was 10 minutes. They conduct a one-sample t-test and obtain a p-value of 0.01. What is your conclusion at a significance level of 0.05? Use the p-value approach.

What is the correct conclusion? A. The new wait time is shorter than the previous wait time B. The new wait time is longer than the old wait time C. There is not a significant difference between the new and previous wait time

What is the test case? A. One-tailed RIGHT B. One-tailed LEFT C. Two-tailed

Would you reject or fail to reject the null hypothesis? A. Fail to reject B. Reject

#2 A financial institution wants to test whether its new loan process is faster than the old process. They collected a sample of 500 loans and found that the average time it takes to approve a loan is 4 days. They want to test whether the new process is faster than the old process, which had a mean approval time of 5 days. They conduct a one-sample t-test and obtain a p-value of 0.05. What is your conclusion at a significance level of 0.01? Use the p-value approach to draw a conclusion.

What is the test case? A. One-tailed RIGHT B. One-tailed LEFT C. Two-tailed

Would you reject or fail to reject the null hypothesis? A. Fail to reject B. Reject

What is the correct conclusion? A. The new loan process is faster than the previous process B. The new loan process is slower than the previous process C. There is not a significant difference between the old and new process