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Confused about this question, please provide solution step by step, thanks for helping! A manufacturer produces both a deluxe and a standard model of an
Confused about this question, please provide solution step by step, thanks for helping!
A manufacturer produces both a deluxe and a standard model of an automatic sander designed for home use. Selling prices obtained from a sample of retail outlets follow. Model Price ($) Retail Outlet Deluxe Standard 1 1 39 27 2 39 28 3 44 35 4 38 30 5 40 30 6 39 34 7 35 29 (a) The manufacturer's suggested retail prices for the two models show a $10 price differential. Use a 0.05 level of significance and test that the mean difference between the prices of the two models is $10. State the null and alternative hypotheses. (Use Mg = mean price for the deluxe model mean price for the standard model.) O Houds 10 HEM > 10 O Ho: Mg = 10 = H: Ag 10 O HOM# 10 H: Ag = 10 O HO Hd = 10 = HM S 10 O Holly > 10 H: Mos 10 Ho Calculate the value of the test statistic. (Round your answer to three decimal places.) -1.38 X Calculate the p-value. (Round your answer to four decimal places.) p-value = 0.1661 x
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