Question
Can you please help me with this HW assignment? Suppose a study reports that the average price for a gallon of self-serve regular unleaded gasoline
Can you please help me with this HW assignment?
Suppose a study reports that the average price for a gallon of self-serve regular unleaded gasoline is $3.16. You believe that the figure is higher in your area of the country. You decide to test this claim for your area of the United States by randomly calling gasoline stations. Your random survey of 25 stations produces the following prices (all in dollars). Assume gasoline prices for a region are normally distributed. Did the data you obtained provide enough evidence to reject the claim? Use a 1% level of significance. Make sure you clearly state both the null and the alternative hypotheses in full sentences. Following your calculations, clearly state the conclusion in the same manner (do not simply say "accept/reject null") and explain how you arrived at this conclusion (based on which metrics).
3.27
3.3
3.16
3.15
3.11
3.05
3.54
3.25
3.05
3.11
3.13
3.15
3.27
3.14
3.14
3.2
3.3
3.09
3.05
3.07
3.37
3.34
3.35
3.35
3.1
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started