John decides to buy a Statistics textbook to impress his colleagues at work. His first thought is to buy it online via an auction. When he checks the website, he discovers that he can buy the book immediately, without bidding at an auction. He also checks the price of the textbook at the university bookshop. He notes down the following prices (in euros) University bookshop: 16.95 Online, No Auction: 18.19, 16.98, 19.97, 16.98, 18.19, 15.99, 13.79, 15.9, 15.9, 15.9, 15.9, 15.9, 19.97, 17.72 Online, Auction: 10.5, 12, 9.54, 10.55, 11.99, 9.3, 10.59, 10.5, 10.01, 11.89, 11.03, 9.52, 15.49, 11.02

i. Calculate and interpret the arithmetic mean, variance, standard deviation, and coefficient of variation for the online textbook prices, both for the auction and non-auction offers.

ii. Test the hypothesis that the mean price online (no auction) is different from 16.95 ( = 0.05).

iii. Calculate a confidence interval for the mean price online (no auction) and interpret your findings given the hypothesis test in (ii).

iv. Test the hypothesis that the mean price online (auction) is less than 16.95 ( = 0.05).

v. Test the hypothesis that the mean non-auction price is higher than the mean auction price. Assume that the variances are equal in both samples ( = 0.05)