## What is the value of the test statistic, Macroeconomics

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For the United States, the mean monthly Internet bill is \$32.79 per household (CNBC, January 18, 2006). A sample of 50 households in a southern state showed a sample mean of \$30.63. Use a population standard deviation of ? = \$5:60:

a. Formulate hypotheses for a test to determine whether the sample data support the conclusion that the mean monthly Internet bill in the southern state is less than the national mean of \$32.79.

b. What is the value of the test statistic?

c. What is the p-value?

d. At ? = :01, what is your conclusion?

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