The price of a certain combo meal at different franchises of a national fast food company varies from $5.00 to $17.38 and has a known standard deviation of $2.13. A sample of 29 students in an online course that includes students across the country stated that their average price is $5.75. The students have also stated that they are generally unwilling to pay more than $6.50 for this meal. Formulate and conduct a hypothesis test to determine if you can conclude that the population mean is less than $6.50. Use a level of significance of 0.05. Is there sufficient evidence at the 0.05 level of significance that the population mean is less than $6.50? Determine the null hypothesis, Ho, and the alternative hypothesis, H, Ho: H 2 6.50 < 6.50 (Type integers or decimals. Do not round.) H,: H Compute the test statistic. - 1.90 (Round to two decimal places as needed.) Find the p-value for the test.

The price of a certain combo meal at different franchises of a national fast food company varies from $5.00 to $17.38 and has a known standard deviation of $2.13. A sample of 29 students in an online course that includes students across the country stated that their average price is $5.75. The students have also stated that they are generally unwilling to pay more than $6.50 for this meal. Formulate and conduct a hypothesis test to determine if you can conclude that the population mean is less than $6.50. Use a level of significance of 0.05. Is there sufficient evidence at the 0.05 level of significance that the population mean is less than $6.50? Determine the null hypothesis, Ho, and the alternative hypothesis, H, Ho: H 2 6.50 < 6.50 (Type integers or decimals. Do not round.) H,: H Compute the test statistic. - 1.90 (Round to two decimal places as needed.) Find the p-value for the test.

Database System Concepts

7th Edition

ISBN:9780078022159

Author:Abraham Silberschatz Professor, Henry F. Korth, S. Sudarshan

Publisher:Abraham Silberschatz Professor, Henry F. Korth, S. Sudarshan

Chapter1: Introduction

Section: Chapter Questions

Problem 1PE

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Concept explainers

Utility theory

The utility theory in economics is stated based on an individual’s preferences. It explains the behavior of individuals. Depending on the assumption, people can be ranked in order of their preferences. In other words, utility means the property in an object that brings benefit, advantage, pleasure, well-being, welfare, good, or happiness.

Question

The price of a certain combo meal at different franchises of a national fast food company varies from $5.00 to $17.38 and has a known standard deviation of $2.13. A sample of 29 students in an online course that includes students across the
country stated that their average price is $5.75. The students have also stated that they are generally unwilling to pay more than $6.50 for this meal. Formulate and conduct a hypothesis test to determine if you can conclude that the population
mean is less than $6.50. Use a level of significance of 0.05.
Is there sufficient evidence at the 0.05 level of significance that the population mean is less than $6.50?
Determine the null hypothesis, Ho, and the alternative hypothesis, H,.
Họ: H
6.50
<
6.50
(Type integers or decimals. Do not round.)
Compute the test statistic.
- 1.90 (Round to two decimal places as needed.)
Find the p-value for the test.
(Round to three decimal places as needed.)

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