Step 1 :Formulate the null and alternative hypotheses. The null hypothesis is that the mean number of hours worked by employees at start-up companies is equal to the US mean of 47 hours. The alternative hypothesis is that the mean number of hours worked by employees at start-up companies is greater than the US mean of 47 hours.
Step 2 :Calculate the test statistic and the p-value. The test statistic is calculated using the formula for a one-sample t-test, which is (sample mean - population mean) / (sample standard deviation / sqrt(sample size)). The p-value is then found using the t-distribution with degrees of freedom equal to sample size - 1.
Step 3 :Make a decision based on the p-value. If the p-value is less than the level of significance (0.01 in this case), we reject the null hypothesis. If the p-value is greater than the level of significance, we fail to reject the null hypothesis.
Step 4 :Final Answer: a. The correct hypotheses are: Null hypothesis: \(H_0: \mu = 47\) Alternative hypothesis: \(H_1: \mu > 47\) b. Test Statistic \(= \boxed{2.5688}\) c. p-value \(= \boxed{0.0131}\) d. The correct decision is to fail to reject the null hypothesis. e. The correct summary would be: There is not enough evidence to support the claim that the mean number of hours of all employees at start-up companies work more than the US mean of 47 hours.