A company is developing a new high performance wax for crosscountry ski racing. In order to justify the price marketing? wants,the wax needs to be very fast.? Specifically, the mean time tofinish their standard test course should be less than 55 secondsfor a former Olympic champion. To test? it, the champion will skithe course 8 times. The? champion's times? (selected at? random)are 55.5?, 62.6?, 47.2?, 53.3?, 47.6?, 49.7?, 51.4?, and 41.2seconds to complete the test course. Should they market the? wax?Assume the assumptions and conditions for appropriate hypothesistesting are met for the sample. Use 0.05 as the? P-value cutofflevel.
a) calculate the test statistic
b) calculate the p-value
