Question 1 20 pts The Economist collects data each year on the price of a Big Mac in various countries around the world. A sample of McDonald's restaurants in Europe in July 2016 resulted in the following Big Mac prices [after conversion to U.S. dollars): $4.44 $3.15 $2.42 $3.96 $4.35 $4.51 $4.17 $3.69 $4.62 $3.30 $3.36 $3.35 The mean price of a Big Mac in the U.S. in July 2016 was $5.04. Use a 0.05 signicance level to test the claim that the mean July 2016 price of a Big Mac in Europe is less than the US. reported price. Assume the data comes from a population that is normally distributed. Write your answers clearly on the paper that you upload to Canvas at the completion of this exam. Critical Valuels): ,,,,,,,,,,,,,,,,,, Test Statistic: Conclusion on Null Hypothesis: Conclusion on the Claim