Answer:
(a) The value
= 72.3 is 1.21 standard deviations below the null value of μ.
(b) The mean drying time of paint is not less than 74.
Explanation:
The hypothesis for the single mean test is:
H₀: μ = 74 vs. Hₐ: μ < 74.
The information provided is:
σ = 7
n = 25
As the population standard deviation is known, we will use a z-test for single mean.
(a)
The z-score is a Normal distribution with mean 0 and variance 1. It is also defined as the number of standard deviations a raw score is from the mean.
The z-score for sample mean is given by:

If
= 72.3 compute the corresponding z-score as follows:


Thus, the value
= 72.3 is 1.21 standard deviations below the null value of μ.
(b)
So the test statistic is, z = -1.21.
Compute the p-value of the test as follows:

*Use a z-table.
The decision rule says to, reject the null hypothesis if the p-value is less than the significance level α = 0.01 and vice-versa.
p-value = 0.1131 < α = 0.01
The null hypothesis was failed to be rejected.
Thus, the mean drying time of paint is not less than 74.