Question

A company is developing a new high performance wax for cross country ski racing. In order to justify the price marketing​ wants, the wax needs to be very fast.​ Specifically, the mean time to finish their standard test course should be less than 55 seconds for a former Olympic champion. To test​ it, the champion will ski the course 8 times. The​ champion's times​ (selected at​ random) are 55.5, 60.9, 50.7, 51.8, 48.2​, 47.8​, 54.1​, and 41.6 seconds to complete the test course. Should they market the​ wax? Assume the assumptions and conditions for appropriate hypothesis testing are met for the sample. Use 0.05 as the​ P-value cutoff level.

a) Calculate the test statistic

b) Calculate the P-Value

Answer 1