Step 3 of 3 :Draw a conclusion and interpret the decision.   1. We reject the null hypothesis and conclude that there is insufficient at a 0.10 level of significance to support the claim that the average price of electricity, even after adjusting for inflation, changed between 2018 and 2019.   2. We fail to reject the null hypothesis and conclude that there is insufficient at a 0.10 level of significance to support the claim that the average price of electricity, even after adjusting for inflation, changed between 2018 and 2019.   3. We reject the null hypothesis and conclude that there is sufficient at a 0.10 level of significance to support the claim that the average price of electricity, even after adjusting for inflation, changed between 2018 and 2019   4. We fail to reject the null hypothesis and conclude that there is sufficient at a 0.10 level of significance to support the claim that the average price of electricity, even after adjusting for inflation, changed between 2018 and 2019.

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter4: Equations Of Linear Functions
Section4.5: Correlation And Causation
Problem 2CYU
icon
Related questions
Question
100%
An economist studying inflation in electricity prices in 2018 and 2019 believes that the average price of electricity, even after adjusting for inflation, changed between these two years. To test his claim, he samples 9 different counties and records the average price of electricity in each county from each year. He then adjusts the prices for inflation. His results are given in the following table. Test the economist’s claim at the 0.10 level of significance assuming that the population distribution of the paired differences is approximately normal. Let prices in 2018 be Population 1 and prices in 2019 be Population 2.
 Average Residential Retail Prices of Electricity ($/kWh)
2018 2019
19.50 21.05
19.97 21.73
15.43 15.35
18.42 19.13
15.90 17.82
14.99 14.18
14.07 14.48
19.28 18.64
12.15 13.53
 
Step 3 of 3 :Draw a conclusion and interpret the decision.
 
1. We reject the null hypothesis and conclude that there is insufficient at a 0.10 level of significance to support the claim that the average price of electricity, even after adjusting for inflation, changed between 2018 and 2019.
 
2. We fail to reject the null hypothesis and conclude that there is insufficient at a 0.10 level of significance to support the claim that the average price of electricity, even after adjusting for inflation, changed between 2018 and 2019.
 
3. We reject the null hypothesis and conclude that there is sufficient at a 0.10 level of significance to support the claim that the average price of electricity, even after adjusting for inflation, changed between 2018 and 2019
 
4. We fail to reject the null hypothesis and conclude that there is sufficient at a 0.10 level of significance to support the claim that the average price of electricity, even after adjusting for inflation, changed between 2018 and 2019.
 
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps with 1 images

Blurred answer
Knowledge Booster
Point Estimation, Limit Theorems, Approximations, and Bounds
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, statistics and related others by exploring similar questions and additional content below.
Recommended textbooks for you
Glencoe Algebra 1, Student Edition, 9780079039897…
Glencoe Algebra 1, Student Edition, 9780079039897…
Algebra
ISBN:
9780079039897
Author:
Carter
Publisher:
McGraw Hill
Big Ideas Math A Bridge To Success Algebra 1: Stu…
Big Ideas Math A Bridge To Success Algebra 1: Stu…
Algebra
ISBN:
9781680331141
Author:
HOUGHTON MIFFLIN HARCOURT
Publisher:
Houghton Mifflin Harcourt