Your manager has speculated the following:
a. the average (mean) annual income was less than $50,000,
b. the true population proportion of customers who live in an urban area exceeds 40%,
c. the average (mean) number of years lived in the current home is less than 13 years,
d. the average (mean) credit balance for suburban customers is more than $4300.
1. Using the sample data, perform the hypothesis test for each of the above situations in order to see if there is evidence to support your managerâ€™s belief in each case a.-d. In each case use the Seven Elements of a Test of Hypothesis, in Section 6.2 of your text book with ? = .05, and explain your conclusion in simple terms. Also be sure to compute the p-value and interpret.
2. Follow this up with computing 95% confidence intervals for each of the variables described in a.-d., and again interpreting these intervals.