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An Insurance Company reports that the mean cost to process claim is $50. An industry comparison...

An Insurance Company reports that the mean cost to process claim is $50. An industry comparison showed this amount to be larger than most other insurance companies, so they instituted cost-cutting measures. To evaluate the effect of cost-cutting measure, the company selected a random sample of claims processed last month and determine the cost to process these selected claims. The sample information is reported as follows: 40, 34, 52, 41, 32, 42. At the 0.01 significance level is it reasonable to conclude that the mean cost to produce a claim is now less than $50?

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