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Suppose that the average price of potatoes was Tk. 40 per kg last month. A researcher wants to find out whether the average price of potatoes has decreased this month. He collects data from a sample of 50 sellers for this month and finds that the average price is Tk. 36 per kg, with the sample standard deviation being Tk. 2. Can we conclude at the 1% level of significance that the price of potatoes has decreased?

Suppose that the average price of potatoes was Tk. 40 per kg last month. A researcher wants to find out whether the average price of potatoes has decreased this month. He collects data from a sample of 50 sellers for this month and finds that the average price is Tk. 36 per kg, with the sample standard deviation being Tk. 2. Can we conclude at the 1% level of significance that the price of potatoes has decreased?

A First Course in Probability (10th Edition)
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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Suppose that the average price of potatoes was Tk. 40 per kg last month. A researcher wants to find out whether the average price of potatoes has decreased this month. He collects data from a sample of 50 sellers for this month and finds that the average price is Tk. 36 per kg, with the sample standard deviation being Tk. 2. Can we conclude at the 1% level of significance that the price of potatoes has decreased? 1 Add file
Transcribed Image Text:Suppose that the average price of potatoes was Tk. 40 per kg last month. A researcher wants to find out whether the average price of potatoes has decreased this month. He collects data from a sample of 50 sellers for this month and finds that the average price is Tk. 36 per kg, with the sample standard deviation being Tk. 2. Can we conclude at the 1% level of significance that the price of potatoes has decreased? 1 Add file
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