In Course: ECN-241-Z1 & Z2 St X | M McGraw Hill - Connect X M Question 2 - Chapter 11 HW x C chegg.com/homework-help/c x + G go ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fconnect.mheducation.com%252Fconnect%252Flti... * Chapter 11 HW i Saved Help Save & Exit Submit Check my work 2 The manufacturer of an MP3 player wanted to know whether a 10% reduction in price is enough to increase the sales of its product. To investigate, the owner randomly selected eight outlets and sold the MP3 player at the reduced price. At seven randomly selected outlets, the MP3 player was sold at the regular price. Reported below is the number of units sold last month at the regular and reduced prices at the randomly selected outlets. 10 points Regular price 138 125 91 117 142 125 96 Reduced price 138 138 91 117 142 125 96 124 eBook Click here for the Excel Data File At the .01 significance level, can the manufacturer conclude that the price reduction resulted in an increase in sales? Print Required: n a. What are the null and alternate hypotheses? References O Ho: MReduced S HRegular H1: HReduced > HRegular Ho: HReduced > HRegular Hy: HReduced S MRegular O Ho: MReduced S MRegular H: MReduced HillIn Course: ECN-241-Z1 & Z2 St X M McGraw Hill - Connect X M Question 2 - Chapter 11 HW x C chegg.com/homework-help/c x + G go ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fconnect.mheducation.com%252Fconnect%252Flti... * Chapter 11 HW i Saved Help Save & Exit Submit Check my work 2 b. Compute the test statistic. (Round your answers to 2 decimal places.) Test statistic 10 points eBook c. Compute the p-value. NOTE: P-value calculators are available through online search. (Round your answer to 4 decimal places.) Print p-value n References d. What is your decision regarding the null hypothesis? O Fail to reject Ho Reject Ho e. Interpret the result. 2 The sample data provide evidence that the reduced price increased sales. Mc Graw 2 of 5 Hill