Question
Restaurant Soda Price 1 $2.39 2 $3.37 3 $2.63 4 $2.80 5 $3.06 6 $2.37 7 $2.37 8 $3.52 9 $2.73 10 $2.66 11 $3.04
Restaurant Soda Price 1 $2.39 2 $3.37 3 $2.63 4 $2.80 5 $3.06 6 $2.37 7 $2.37 8 $3.52 9 $2.73 10 $2.66 11 $3.04 12 $2.82 13 $3.10 14 $1.98 15 $3.57 16 $2.98 17 $3.53 18 $3.43 19 $2.94 20 $3.61 21 $2.56 22 $3.64 23 $3.37 24 $2.59 25 $3.66 26 $2.90 27 $2.67 28 $3.16 29 $3.12 30 $3.19 31 $2.58 32 $3.10 33 $2.75 34 $2.88 35 $3.75 You are assuming the mean soda price is $2.58 for all of your competitors. When conducting data analysis to test this belief, what is this assumption called? Calculate the t-statistic assuming the mean soda price for all of your competitors is $2.58. Calculate the p-value for your t-statistic. Using a confidence level of 90%, test whether the mean soda price of all your competitors is $2.58 using the t-stat. Using a confidence level of 90%, test whether the mean soda price of all your competitors is $2.58 using the p-value. Is it possible that your answers to parts d and e would yield different conclusions?
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