1. Manufacturers often include "suggested retail prices" with goods that are shipped from the factories. However, retailers are not bound by these suggested prices; A manufacturer of a brand of food processor with a suggested retail price of $89.95, is curious to know if the mean price charged among all retailers is below the suggested retail price. He randomly samples 28 retail stores and records the price at which each is selling the food processor. The sample results find a mean of $87.72 and a standard deviation of $5.10. A. Do the data provide sufficient evidence to conclude that the true mean price of the food processor is below the suggested retail price? Test at the .05 level of signific B. What type of error might you have made in part A? Explain fully.

MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
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1. Manufacturers often include "suggested retail prices" with goods that are shipped from the factories.
However, retailers are not bound by these suggested prices; A manufacturer of a brand of food
processor with a suggested retail price of $89.95, is curious to know if the mean price charged among
all retailers is below the suggested retail price. He randomly samples 28 retail stores and records the
price at which each is selling the food processor. The sample results find a mean of $87.72 and a
standard deviation of $5.10.
A. Do the data provide sufficient evidence to conclude that the true mean price of the food processor
is below the suggested retail price? Test at the .05 level of signific
B. What type of error might you have made in part A? Explain fully.
Transcribed Image Text:1. Manufacturers often include "suggested retail prices" with goods that are shipped from the factories. However, retailers are not bound by these suggested prices; A manufacturer of a brand of food processor with a suggested retail price of $89.95, is curious to know if the mean price charged among all retailers is below the suggested retail price. He randomly samples 28 retail stores and records the price at which each is selling the food processor. The sample results find a mean of $87.72 and a standard deviation of $5.10. A. Do the data provide sufficient evidence to conclude that the true mean price of the food processor is below the suggested retail price? Test at the .05 level of signific B. What type of error might you have made in part A? Explain fully.
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