Step 1 :The null hypothesis (H0) 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 (HA) is that the mean number of hours worked by employees at start-up companies is greater than the US mean of 47 hours. So, we have: \(H0: \mu = 47\) hours, \(HA: \mu > 47\) hours
Step 2 :First, we need to calculate the sample mean (\(\bar{x}\)) and the sample standard deviation (s). The sample mean (\(\bar{x}\)) is the sum of the sample data divided by the sample size (n). \(\bar{x} = (49+40+50+51+49+68+45+59+50+46+51+51) / 12 = 51.5\) hours
Step 3 :The sample standard deviation (s) is the square root of the sum of the squared differences between each data point and the sample mean, divided by the sample size minus 1. \(s = \sqrt{((49-51.5)^2 + (40-51.5)^2 + (50-51.5)^2 + (51-51.5)^2 + (49-51.5)^2 + (68-51.5)^2 + (45-51.5)^2 + (59-51.5)^2 + (50-51.5)^2 + (46-51.5)^2 + (51-51.5)^2 + (51-51.5)^2) / (12-1)} = 6.77\) hours
Step 4 :The test statistic (t) is the difference between the sample mean and the population mean, divided by the standard error (the sample standard deviation divided by the square root of the sample size). \(t = (\bar{x} - \mu) / (s / \sqrt{n}) = (51.5 - 47) / (6.77 / \sqrt{12}) = 2.52\) (rounded to 2 decimal places)
Step 5 :The p-value is the probability of observing a test statistic as extreme as the one calculated, assuming the null hypothesis is true. For a one-tailed test with a test statistic of 2.52 and 11 degrees of freedom (n-1), the p-value is 0.0147 (rounded to 4 decimal places).
Step 6 :Since the p-value (0.0147) is less than the significance level (0.01), we reject the null hypothesis. Therefore, the correct decision is to reject the null hypothesis. The correct summary would be: \(\boxed{\text{There is sufficient evidence at the 1% level of significance to support the claim that the mean number of hours employees at start-up companies work is more than the US mean of 47 hours.}}\)