a. The manufacturer's suggested retail prices for the two models show a $10 price differential. Use a .05 level of significance and test that the mean $10. Develop the null and alternative hypotheses. Ho-4dequal to 10 Ha-Hd not equal to 10 Calculate the value of the test statistic. If required enter negative values as negative numbers. (to 2 decimals).
a. The manufacturer's suggested retail prices for the two models show a $10 price differential. Use a .05 level of significance and test that the mean $10. Develop the null and alternative hypotheses. Ho-4dequal to 10 Ha-Hd not equal to 10 Calculate the value of the test statistic. If required enter negative values as negative numbers. (to 2 decimals).
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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Question
Letter a and b only
Transcribed Image Text:A manufacturer produces both a deluxe and a standard model of an automatic sander designed for home use. Selling prices obtained from a sample of retail outlets follow.
Model Price ($)
Model Price ($)
Retail Outlet Deluxe Standard
Retail Outlet Deluxe Standard
39
27
40
30
39
28
6
39
34
3
45
35
35
29
4
38
30
a. The manufacturer's suggested retail prices for the two models show a $10 price differential. Use a .05 level of significance and test that the mean difference between the prices of the two models is
$10.
Develop the null and alternative hypotheses.
Ho- 4dequal to 10
Ha-4d not equal to 10
Calculate the value of the test statistic. If required enter negative values as negative numbers. (to 2 decimals).
The p-value is between .20 and .40 v
Can you conclude that the price differential is not equal to $10?
No
b. What is the 95% confidence interval for the difference between the mean prices of the two models (to 2 decimals)? Use a t-table.
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