1.A survey recently reported that the mean national annual expenditure for inpatient and outpatient services of all persons over 64 years of age was $5,423 with a standard deviation of $979. A random sample of 352 persons over age 64 living in Sudbury had an average expense of $5,516. a) Can we conclude that the mean inpatient and outpatient expense of all Sudbury residents over age 64 is higher than the national average of $5,423? Use the .01 level of significance.
b) Calculate the P-value for this test. Would your answer have changed if you had used a .05 level of significance?