Which is cheaper: eating out or dining in? The mean cost of a flank steak, broccoli, and
Question:
Which is cheaper: eating out or dining in? The mean cost of a flank steak, broccoli, and rice bought at the grocery store is \($23.04\). A sample of 100 neighborhood restaurants showed a mean price of \($22.75\) and a standard deviation of \($2\) for a comparable restaurant meal.
a. Develop appropriate hypotheses for a test to determine whether the sample data support the conclusion that the mean cost of a restaurant meal is less than fixing a comparable meal at home.
b. Using the sample from the 100 restaurants, what is the p value?
c. At α = 0.05, what is your conclusion?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
Business Analytics
ISBN: 9780357902219
5th Edition
Authors: Jeffrey D. Camm, James J. Cochran, Michael J. Fry, Jeffrey W. Ohlmann
Question Posted: