A drug company is considering marketing a new local anesthetic. The effective time of the anesthetic the drug company is currently producing has a normal distribution with an average of 7.4 minutes with a standard devia- tion of 1.2 minutes. The chemistry of the new anesthetic is such that the effective time sho- uld be normal with the same standard devia- tion, but the mean effective time may be lo- wer. If it is lower, the drug company will market the new anesthetic; otherwise, they will continue to produce the older one. A sam- ple of size 36 results in a sample mean of 7.1. A hypothesis test will be done to help make the decision. Test hypothesis in level of significance = 0.10

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A: Other parts are not provided by you. Still I have tried to provide you detailed solution

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Estimation

A new framework of data analysis where the new statistical methods are used for interpreting the results and analyzing the data is known as estimation in statistics.