magazine collects data each year on the price of a hamburger in a certain fast food restaurant in various countries around the world. The price of this hamburger for a sample of restaurants in Europe in January resulted in the following hamburger prices (after conversion to U.S. dollars). 5.16 4.95 4.07 4.66 5.29 4.67 4.12 4.96 5.15 5.55 5.38 4.60 The mean price of this hamburger in the U.S. in January was $4.61. For purposes of this exercise, assume it is reasonable to regard the sample as representative of these European restaurants. Does the sample provide convincing evidence that the mean January price of this hamburger in Europe is greater than the reported U.S. price? Test the relevant hypotheses using ? = 0.05. (Use a statistical computer package to calculate the P-value. Round your test statistic to two decimal places and your P-value to three decimal places.) t = P-value =
Inverse Normal Distribution
The method used for finding the corresponding z-critical value in a normal distribution using the known probability is said to be an inverse normal distribution. The inverse normal distribution is a continuous probability distribution with a family of two parameters.
Mean, Median, Mode
It is a descriptive summary of a data set. It can be defined by using some of the measures. The central tendencies do not provide information regarding individual data from the dataset. However, they give a summary of the data set. The central tendency or measure of central tendency is a central or typical value for a probability distribution.
Z-Scores
A z-score is a unit of measurement used in statistics to describe the position of a raw score in terms of its distance from the mean, measured with reference to standard deviation from the mean. Z-scores are useful in statistics because they allow comparison between two scores that belong to different normal distributions.
A magazine collects data each year on the price of a hamburger in a certain fast food restaurant in various countries around the world. The price of this hamburger for a sample of restaurants in Europe in January resulted in the following hamburger prices (after conversion to U.S. dollars).
| 5.16 | 4.95 | 4.07 | 4.66 | 5.29 | 4.67 |
| 4.12 | 4.96 | 5.15 | 5.55 | 5.38 | 4.60 |
The mean price of this hamburger in the U.S. in January was $4.61. For purposes of this exercise, assume it is reasonable to regard the sample as representative of these European restaurants. Does the sample provide convincing evidence that the mean January price of this hamburger in Europe is greater than the reported U.S. price? Test the relevant hypotheses using
(Use a statistical computer package to calculate the P-value. Round your test statistic to two decimal places and your P-value to three decimal places.)
| t | = | |
| P-value | = |
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