Pennsylvania Refining Company is studying the relationship between the pump price of gasoline and the number of gallons sold. For a sample of 20 stations last Tuesday, the correlation was 0.44. The following hypotheses are given. H0: ρ ≤ 0 H1: ρ > 0 a. Find the critical value at 0.010 significance level. (Round your answer to 3 decimal places.) b. Compute the value of the test statistic. (Round your answer to 3 decimal places.) c. What is the decision? (Choose 1 or 2.) 1. Reject null hypothesis 2. Do not reject null hypothesis d. What is the conclusion (Choose 1 or 2.) 1. There is enough evidence to conclude there is a positive correlation between gallons sold and the pump price. 2. There is not enough evidence to conclude there is a positive correlation between gallons sold and the pump price.
Pennsylvania Refining Company is studying the relationship between the pump price of gasoline and the number of gallons sold. For a sample of 20 stations last Tuesday, the
The following hypotheses are given.
H0: ρ ≤ 0
H1: ρ > 0
a. Find the critical value at 0.010 significance level. (Round your answer to 3 decimal places.)
b. Compute the value of the test statistic. (Round your answer to 3 decimal places.)
c. What is the decision? (Choose 1 or 2.)
1. Reject null hypothesis
2. Do not reject null hypothesis
d. What is the conclusion (Choose 1 or 2.)
1. There is enough evidence to conclude there is a
2. There is not enough evidence to conclude there is a positive correlation between gallons sold and the pump price.
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