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. Formmullate the null and the alternative hypotheses:
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. Formmullate the null and the alternative hypotheses:
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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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. Formmullate the null and the alternative hypotheses:
Null: mu ≤ 3.06; Alternative: mu > 3.06
Null: mu = 3.06; Alternative: mu ≠ 3.06
Null: mu ≥ 3.12; Alternative: mu < 3.12
Null: mu = 3.12; Alternative: mu ≠ 3.12
Null: mu ≤ 3.12; Alternative: mu > 3.12
Null: mu ≥ 3.06; Alternative: mu < 3.06
B. Whatt kind of test is this? (Upper-tailed, lower-tailed or two-tailed test)
Upper-tailed
Two-tailed
Lower-tailed
C. Findd the test statistic. Is this a z-score or a t-score?
z-score = - 3 because population std is given to be $0.12
t-score = - 3 because population std is not given, and the sample std is given to be $0.12
z-score = -0.5 because population std is given to be $0.12
t-score = 3 because population std is not given, and the sample std is given to be $0.12
t-score = -0.5 because population std is not given, and the sample std is given to be $0.12
z-score = 3 because population std is given to be $0.12
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