When it is operating properly, a chemical plant has a mean daily production of at least 740 tons. The output is measured on a simple random sample of 60 days. The sample had a mean of 715 tons/day and a standard deviation of 24 tons/day. Let µ represent the mean daily output of the plant. An engineer tests H0: µ ≥ = 740 versus H1: µ < 740.
a) Find the P-value.
b) Do you believe it is plausible that the plant is operating properly or are you convinced that the plant is not operating properly Explain your reasoning.