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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
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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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
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
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