Please create a specific business scenario which is appropriate for hypothesis testing of population mean with population standard deviation sigma given. Follow all the steps in the textbook (from hypothesis determination to result interpretation at least) to test the hypothesis.

Step 1.

Develop the null and alternative hypotheses.

Step 2.

Specify the level of significance.

Step 3.

Collect the sample data and compute the value of the test statistic.

Step 4.

Use the value of the test statistic to compute the p-value.

Step 5.

Reject or fail to reject?

Step 6.

Interpret the statistical conclusion in the context of the application.