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An economist studying inflation in electricity prices in 2018 and 2019 believes that the average price of electricity, even after adjusting for inflation, changed between these two years. To test his claim, he samples 9 different counties and records the average price of electricity in each county from each year. He then adjusts the prices for inflation. His results are given in the following table. Test the economist's claim at the 0.05 level of significance assuming that the population distribution of the paired differences is approximately normal. Let prices in 2018 be Population 1 and prices in 2019 be Population 2. Average Residential Retail Prices of Electricity ($/kWh) 2018 2019 12.64 13.86 14.22 12.45 14.45 12.85 17.58 15.69 13.42 11.64 15.07 14.72 15.12 14.53 11.20 10.51 18.15 16.70 Copy Data Step 2 of 3: Compute the value of the test statistic. Round your answer to three decimal places.

An economist studying inflation in electricity prices in 2018 and 2019 believes that the average price of electricity, even after adjusting for inflation, changed between these two years. To test his claim, he samples 9 different counties and records the average price of electricity in each county from each year. He then adjusts the prices for inflation. His results are given in the following table. Test the economist's claim at the 0.05 level of significance assuming that the population distribution of the paired differences is approximately normal. Let prices in 2018 be Population 1 and prices in 2019 be Population 2. Average Residential Retail Prices of Electricity ($/kWh) 2018 2019 12.64 13.86 14.22 12.45 14.45 12.85 17.58 15.69 13.42 11.64 15.07 14.72 15.12 14.53 11.20 10.51 18.15 16.70 Copy Data Step 2 of 3: Compute the value of the test statistic. Round your answer to three decimal places.

MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
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An economist studying inflation in electricity prices in 2018 and 2019 believes that the average price of electricity, even after adjusting for inflation, changed between these two years. To test this claim, he samples 9 different counties and records the average price of electricity in each county for each year. He then adjusts the prices for inflation. The results are presented in the following table. The economist's claim is tested at the 0.05 level of significance, assuming that the population distribution of the paired differences is approximately normal. Let prices in 2018 be Population 1 and prices in 2019 be Population 2. <table> <caption>Average Residential Retail Prices of Electricity ($/kWh)</caption> <thead> <tr> <th>2018</th> <th>2019</th> </tr> </thead> <tbody> <tr> <td>12.64</td> <td>13.86</td> </tr> <tr> <td>14.22</td> <td>12.45</td> </tr> <tr> <td>14.45</td> <td>12.85</td> </tr> <tr> <td>17.58</td> <td>15.69</td> </tr> <tr> <td>13.42</td> <td>11.64</td> </tr> <tr> <td>15.07</td> <td>14.72</td> </tr> <tr> <td>15.12</td> <td>14.53</td> </tr> <tr> <td>11.20</td> <td>10.51</td> </tr> <tr> <td>18.15</td> <td>16.70</td> </tr> </tbody> </table> **Step 2 of 3**: Compute the value of the test statistic. Round your answer to three decimal places.
Transcribed Image Text:An economist studying inflation in electricity prices in 2018 and 2019 believes that the average price of electricity, even after adjusting for inflation, changed between these two years. To test this claim, he samples 9 different counties and records the average price of electricity in each county for each year. He then adjusts the prices for inflation. The results are presented in the following table. The economist's claim is tested at the 0.05 level of significance, assuming that the population distribution of the paired differences is approximately normal. Let prices in 2018 be Population 1 and prices in 2019 be Population 2. <table> <caption>Average Residential Retail Prices of Electricity ($/kWh)</caption> <thead> <tr> <th>2018</th> <th>2019</th> </tr> </thead> <tbody> <tr> <td>12.64</td> <td>13.86</td> </tr> <tr> <td>14.22</td> <td>12.45</td> </tr> <tr> <td>14.45</td> <td>12.85</td> </tr> <tr> <td>17.58</td> <td>15.69</td> </tr> <tr> <td>13.42</td> <td>11.64</td> </tr> <tr> <td>15.07</td> <td>14.72</td> </tr> <tr> <td>15.12</td> <td>14.53</td> </tr> <tr> <td>11.20</td> <td>10.51</td> </tr> <tr> <td>18.15</td> <td>16.70</td> </tr> </tbody> </table> **Step 2 of 3**: Compute the value of the test statistic. Round your answer to three decimal places.
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