Prior to the virus outbreak in Maine, a one-pound box of pasta cost $1.09 cents. You sample 24 grocery stores and find that the average cost is X-bar = $1.39 cents with a standard deviation s = 12 cents (or $0.12).

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

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Confidence Intervals

When we calculate intervals in probability and statistics, it can be simply termed as finding out a confidence interval. The confidence interval is usually calculated from the data set which is observed. The value of the parameter that needs to be calculated is present here only.

Question

Prior to the virus outbreak in Maine, a one-pound box of pasta cost $1.09 cents. You sample 24 grocery stores and find that the average cost is X-bar = $1.39 cents with a standard deviation s = 12 cents (or $0.12). You want to see if this is significantly different from the cost before the outbreak, so you test the following hypotheses: Ho: μ = 1.09 and Ha: μ ≠ 1.09. What is the standard error of the mean? Round your answer to three decimal places.

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