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Background:

The average gasoline price of one of the major oil companies has been $3.00 per gallon. Because of cost reduction measures, it is believed that there has been a significant reduction 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 $2.90. Assume that the standard deviation of the population is $0.12.

1. Use the standardized testing procedure and test their claim.

2. What is the p-value associated with the above sample results? Provide your interpretation of the p-value.