Question: Homework Exercise #5-Small sample t-distribution hypothesis testing-OMG 321 An insurance company is informed that its mean cost for handling a claim is $58.This is more

Homework Exercise #5-Small sample t-distribution hypothesis testing-OMG 321

An insurance company is informed that its mean cost for handling a claim is $58.This is more than the industry average,so cost cutting measures were started that aimed at reducing costs.The insurance company carried out a study six months later to see if their efforts had been successful.They used a sample of26 claims that had a sample mean of $55 and a sample standard deviation of $10.Use the .01 level of significance. Apply the Neyman Pearson CV test and the p-value test of Fisher to this problem.

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