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 are 59.8, 65.2, 47.6, 52.7, 45.6, 45.7, 51.1, and 42.4 seconds to complete the test course.
Complete parts (a) and (b) below.
(a) Should they market the wax? Assume the assumptions and conditions for appropriate hypothesis testing are met for the sample. Assume (Sig=0.05). what is the null and alternative hypothesis?
(b) What is the value of the test statistic?