A personal fitness company produces both a deluxe and a standard model of a smoothie blender for home use. Selling prices obtained from a sample of retail outlets follow. Retail Outlet Deluxe Standard 1 2 3 4 5 6 7 Ho: Hd > 10 H₂H 10 Model Price ($) ⒸH₂² Hd = 10 H₂: Hg = 10 o Hoi Ky 10 H₂H = 10 Ho: Hd ≤ 10 H₂: Hd > 10 39 38 44 38 40 39 35 27 28 35 30 30 (a) The manufacturer's suggested retail prices for the two models show a $10 price differential. Use a 0.05 level of significance and test that the mean difference between the prices of the two models is $10. State the null and alternative hypotheses. (Use = mean price for the deluxe model - mean price for the standard model.) μ 34 29 ⒸH₂² Hd = 10 H₂: Hg 10 Calculate the value of the test statistic. (Round your answer to three decimal places.) Calculate the p-value. (Round your answer to four decimal places.) p-value= State your conclusion. O Reject Ho. There is sufficient evidence to conclude that a $10 price differential exists. O Do not reject Ho- There is insufficient evidence to conclude that a $10 price differential exists. O Reject Ho. There is insufficient evidence to conclude that a $10 price differential exists. Do not Reject Ho- There is sufficient evidence to conclude that a $10 price differential exists.

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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(b).

What is the 95% confidence interval for the difference between the mean prices of the two models (in dollars)? (Round your answers to nearest cent. Use the mean price for the deluxe model − the mean price for the standard model.)

A personal fitness company produces both a deluxe and a standard model of a smoothie blender for home use. Selling prices obtained from a sample of retail outlets follow.
Model Price ($)
Retail
Outlet Deluxe Standard
1
2
3
4
5
6
7
Ho: Md = 10
H₂: H = 10
Ho: Md # 10
H₂: H = 10
39
Ho: Md ≤ 10
H₂: > 10
38
44
38
40
39
35
27
28
35
30
30
(a) The manufacturer's suggested retail prices for the two models show a $10 price differential. Use a 0.05 level of significance and test that the mean difference between the prices of the two models is $10.
State the null and alternative hypotheses. (Use μ = mean price for the deluxe model - mean price for the standard model.)
Ho: My > 10
Ha: μg ≤ 10
34
29
O Ho: Md = 10
Ha: ≤ 10
Calculate the value of the test statistic. (Round your answer to three decimal places.)
Calculate the p-value. (Round your answer to four decimal places.)
p-value =
State your conclusion.
O Reject Ho. There is sufficient evidence to conclude that a $10 price differential exists.
O Do not reject Ho. There is insufficient evidence to conclude that a $10 price differential exists.
O Reject Ho. There is insufficient evidence to conclude that a $10 price differential exists.
O Do not Reject Ho. There is sufficient evidence to conclude that a $10 price differential exists.

Definition Definition Measure of central tendency that is the average of a given data set. The mean value is evaluated as the quotient of the sum of all observations by the sample size. The mean, in contrast to a median, is affected by extreme values. Very large or very small values can distract the mean from the center of the data. Arithmetic mean: The most common type of mean is the arithmetic mean. It is evaluated using the formula: μ = 1 N ∑ i = 1 N x i Other types of means are the geometric mean, logarithmic mean, and harmonic mean. Geometric mean: The nth root of the product of n observations from a data set is defined as the geometric mean of the set: G = x 1 x 2 ... x n n Logarithmic mean: The difference of the natural logarithms of the two numbers, divided by the difference between the numbers is the logarithmic mean of the two numbers. The logarithmic mean is used particularly in heat transfer and mass transfer. ln x 2 − ln x 1 x 2 − x 1 Harmonic mean: The inverse of the arithmetic mean of the inverses of all the numbers in a data set is the harmonic mean of the data. 1 1 x 1 + 1 x 2 + ...

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