Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Question 1 of 9 6 Points Problem 1. Prices of basic commodities are often greatly affected by typhoons. During the aftermath of recent typhoon, the
Question 1 of 9 6 Points Problem 1. Prices of basic commodities are often greatly affected by typhoons. During the aftermath of recent typhoon, the prices of bangus were reported to have been sold at P20 -P25 more per kilogram at local wet markets. However, the price was back to its normal mean price at P100 per kilo one week after. If a random sample of 10 bangus sales transactions from local wet markets have prices (in pesos per kilo) of 107, 115, 130, 95, 100, 105, 98, 116, 104, and 100. Assuming that the bangus prices are normally distributed, is there sufficient evidence to say that the mean price of bangus in these markets is greater than P100? Use a 0.05 level of significance. State the null and alternative hypotheses. Ho: (in symbols for 1 points) Ho: (in statement for 2 points) Ha: (in symbols for 1 points) Ha: (in statement for 2 points) Answer with text and/or attachments
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started