A personal fitness 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. Excel File: data10-27.xlsx Model Price ($) Model Price ($) Retail Deluxe Standard Retail Outlet Deluxe Standard Outlet 39 27 5 40 30 2 39 28 39 34 45 35 35 29 4 38 30 Round your answers to 2 decimal places. 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 Do not reject the null hypothesis (Ho=10) v b. What is the 95% confidence interval for the difference between the mean prices of the two models? 2.75 to 2.76

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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.