Question
1. The average gasoline price of one of the major oil companies has been $1.00 per gallon. Because of shortages in production of crude oil,
1. The average gasoline price of one of the major oil companies has been $1.00 per gallon. Because of shortages in production of crude oil, it is believed that there has been a significant increase in the average price. In order to test this belief, we randomly selected a sample of 36 of the company's gas stations and determined that the average price for the stations in the sample was $1.10. Assume that the standard deviation of the population () is $0.12. a. State the null and the alternative hypotheses. b. Test the claim at = .05. c. What is the p-value associated with the above sample results?
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