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The cost of a daily newspaper varies from city to city. However, the variation among prices remains steady with a standard deviation of $0.20. A
The cost of a daily newspaper varies from city to city. However, the variation among prices remains steady with a standard deviation of $0.20. A study was done to test the claim that the mean cost of a daily newspaper is $1.00.Fourteencosts yield a mean cost of $0.97with a standard deviation of $0.18. Do the data support the claim at the 1% level? State the distribution to use for the test. (Round your answers to four decimal places.) Sketch a picture of this situation. Label and scale the horizontal axis and shade the region(s) corresponding to thep-value. Also Construct a 95% confidence interval for the true mean. Sketch the graph of the situation. Label the point estimate and the lower and upper bounds of the confidence interval. (Round your lower and upper bounds to two decimal places.)
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