Outlet Deluxe Standard 1 39 27 38 28 44 36 4 38 30 40 30 6 39 35 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 sig is $10. State the null and alternative hypotheses. (Use Ha = mean price for the deluxe model – mean price for the standa O Ho: Hg# 10 Hai Hd = 10 Ho: Hg> 10 Hoi Hgs 10 Ho: Hg = 10 Ha: Ho* 10 O Ho: Ha = 10 H: Ha s 10 O H.: u.< 10 2.

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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
2
38
28
3
44
36
4
38
30
5
40
30
39
35
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 $10.
State the null and alternative hypotheses. (Use ud
= mean price for the deluxe model
mean price for the standard model.)
Ho: Ha+ 10
Ha: Hd
10
Hoi Hd>
Ha: Hd
> 10
< 10
Hoi Hd
= 10
Ha: Ha + 10
10
%3D
Ha: Hgs 10
Ho: Ha s 10
Ha: Ha > 10
Calculate the value of the test statistic. (Round your answer to three decimal places.)
Transcribed Image Text:A personal fitness company produces both a deluxe and a standard model of a smoothie blender for home use. Selling prices obtained from a sample of retail outlets follow. Model Price ($) Retail Outlet Deluxe Standard 1 39 27 2 38 28 3 44 36 4 38 30 5 40 30 39 35 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 ud = mean price for the deluxe model mean price for the standard model.) Ho: Ha+ 10 Ha: Hd 10 Hoi Hd> Ha: Hd > 10 < 10 Hoi Hd = 10 Ha: Ha + 10 10 %3D Ha: Hgs 10 Ho: Ha s 10 Ha: Ha > 10 Calculate the value of the test statistic. (Round your answer to three decimal places.)
Calculate the p-value. (Round your answer to four decimal places.)
p-value
%3D
State your conclusion.
Do not Reject Ho. There is sufficient evidence to conclude that a $10 price differential exists.
Reject Ho. There is insufficient evidence to conclude that a $10 price differential exists.
Reject Ho.
There is sufficient evidence to conclude that a $10 price differential exists.
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.)
$
to $
Transcribed Image Text:Calculate the p-value. (Round your answer to four decimal places.) p-value %3D State your conclusion. Do not Reject Ho. There is sufficient evidence to conclude that a $10 price differential exists. Reject Ho. There is insufficient evidence to conclude that a $10 price differential exists. Reject Ho. There is sufficient evidence to conclude that a $10 price differential exists. 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.) $ to $
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