A new process for producing synthetic diamonds can be operated at a profitable level only if the average weight of the diamonds produced by the process is greater than 0.5 karat. To evaluate the profitability of the process, a sample of six diamonds was generated using this new process, with recorded weights .46, .61, .52, .48, .57, and .54 karat. Do the six measurements present sufficient evidence to indicate that the average weight of the diamonds produced by the new process is in excess of 0.5 karat? To answer this question conduct an appropriate test of hypothesis using the five-step process.
Five Step Process:
1. State the hypothesis and identify the claim
2. Find the critical value(s)
3. Compute the test value
4. Decide to reject of not reject the null hypothesis
5. Summarize your results
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