The averrage gasoline prrice at Chevvron was $3.12 per gallon lastt month. Due to the recent nation-wide gas price drop, the chiief marketing officer of Chevvron believes that there has been a significant reduction in the average gas pricce. In orrder to test hiis belief, he randdomly selected a sample of 36 of Chevvron gas stations and found the average gas price of these stations was $3.06. Assume that the population standard deviation of the population is $0.12, and the significance level (α) is 5%. A. Using the critical value approach, what is the critical value? -1.960 1.688 1.960 1.645 -1.645 -1.688 -1.690 1.690 B. What is your conclusion (reject or fail to reject the null)? Fail to reject the null Reject the null C. Using the p-value approach, what is the p-value? p-value = -0.5 p-value = 0.05 p-value = 0 p-value = 0.0013 p-value = 3

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