Model Price ($) Retail Outlet Deluxe Standard 1 39 27 39 29 3 45 35 4 38 30 5 40 30 6 39 34 7 34 29 (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 k = mean price for the deluxe model - mean price for the standard model.) O Hoi Hg # 10 Hi Hg = 10 O Ho: H s 10 Hi Hg » 10 O Hoi Hg> 10 Hi HgS 10 O Hoi Hy - 10 H3i Hgs 10 O Hoi Hg = 10 H: H 10 Calculate the value of the test statistic. (Round your answer to three decimal places.) 1.159 Calculate the p-value. (Round your answer to four decimal places.) p-value - 2.58 State your conclusion. O Reject Hg. 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. O Reject Hg. 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. (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.) $ 11.40 to $ 6.31
Model Price ($) Retail Outlet Deluxe Standard 1 39 27 39 29 3 45 35 4 38 30 5 40 30 6 39 34 7 34 29 (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 k = mean price for the deluxe model - mean price for the standard model.) O Hoi Hg # 10 Hi Hg = 10 O Ho: H s 10 Hi Hg » 10 O Hoi Hg> 10 Hi HgS 10 O Hoi Hy - 10 H3i Hgs 10 O Hoi Hg = 10 H: H 10 Calculate the value of the test statistic. (Round your answer to three decimal places.) 1.159 Calculate the p-value. (Round your answer to four decimal places.) p-value - 2.58 State your conclusion. O Reject Hg. 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. O Reject Hg. 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. (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.) $ 11.40 to $ 6.31
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
Related questions
Question
Transcribed Image Text: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
39
27
39
29
3
45
35
4
38
30
5
40
30
6
39
34
7
34
29
(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 u, = mean price for the deluxe model – mean price for the standard model.)
O Ho: Hg + 10
H: H = 10
O Ho: Hg s 10
H: Hg > 10
O Ho: H > 10
H: ug s 10
O Ho: H = 10
Ha: s 10
O Ho: Hd = 10
H: Hg + 10
Calculate the value of the test statistic. (Round your answer to three decimal places.)
|-1.159
Calculate the p-value. (Round your answer to four decimal places.)
p-value = 2.58
State your conclusion.
O Reject H.. There is insufficient evidence to conclude that a $10 price differential exists.
O Do not Reject H.. There is sufficient evidence to conclude that a $10 price differential exists.
O Reject H. There is sufficient evidence to conclude that a $10 price differential exists.
Do not reject H,. There is insufficient evidence to conclude that a $10 price differential exists.
(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.)
$ 11.40
to $ 6.31
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 4 steps with 1 images
Recommended textbooks for you
MATLAB: An Introduction with Applications
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
Probability and Statistics for Engineering and th…
Statistics
ISBN:
9781305251809
Author:
Jay L. Devore
Publisher:
Cengage Learning
Statistics for The Behavioral Sciences (MindTap C…
Statistics
ISBN:
9781305504912
Author:
Frederick J Gravetter, Larry B. Wallnau
Publisher:
Cengage Learning
MATLAB: An Introduction with Applications
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
Probability and Statistics for Engineering and th…
Statistics
ISBN:
9781305251809
Author:
Jay L. Devore
Publisher:
Cengage Learning
Statistics for The Behavioral Sciences (MindTap C…
Statistics
ISBN:
9781305504912
Author:
Frederick J Gravetter, Larry B. Wallnau
Publisher:
Cengage Learning
Elementary Statistics: Picturing the World (7th E…
Statistics
ISBN:
9780134683416
Author:
Ron Larson, Betsy Farber
Publisher:
PEARSON
The Basic Practice of Statistics
Statistics
ISBN:
9781319042578
Author:
David S. Moore, William I. Notz, Michael A. Fligner
Publisher:
W. H. Freeman
Introduction to the Practice of Statistics
Statistics
ISBN:
9781319013387
Author:
David S. Moore, George P. McCabe, Bruce A. Craig
Publisher:
W. H. Freeman