Posted by lola on Thursday, April 19, 2012 at 4:44pm.
Yes, you are correct. This will be a one-tailed test (the alternate hypothesis shows a specific direction on a one-tailed test). Use a z-test. See your other post for an example on calculating the z-test statistic using a z-test.
Your hypotheses for this problem:
Ho: µ = 500 -->null hypothesis
Ha: µ < 500 -->alternate hypothesis
The p-value is the actual level of the test statistic which you can find using a z-table. Compare with .05 to determine whether or not to reject the null. If you reject the null, then you can conclude µ < 500.
I hope this will help get you started.
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