There is a new product in development. The mean and standard deviation of the sample of 60 new products showed 70.575 and 1.6438, respectively.
a. Test H0: u = 70 verses Ha: u > 70 by setting alpha levels to .05 and using critical value rule.
b. Interpret the p-value of .0125 for the test. That is explain how much evidence there is that H0 is false.
c. Test H0: u = 70 verses Ha: u 70 by setting alpha levels to .05 and using critical value rule. Should we accept or not accept H0?