A sample of 11 discount brokers showed a sample mean price charged for a trade of 100 shares at $50 per share was $46.50. Assume a population standard deviation of $7.90. Test the hypothesis that the mean price charged for a trade of 100 shares at $50 per share is at most $42.00 at = 0.1000.(CARRY ALL DECIMALS UNTIL REACHING FINAL ANSWER. THEN ROUND TO FOUR DECIMALS)For the hypothesis stated above…Q1: What is the test statistic?Q2: What is the decision? Reject H0 or fail to reject H0?Q3: What is the p-value? Fill out only one of the following statements.If the z table is appropriate p-value=(blank)orIf the t table is appropriate (blank) < p-value < (blank)
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Mean and standard deviation
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