Then part c is What is the p-value associated with the above sample results? At 95% confidence, test the companies claim.

2 . (20 points) The average gasoline price of one of the major oil companies has been $1.50 per gallon. Because of cost reduction measures, it is believed that there has been a signicant 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 $1.40. Assume that the standard deviation of the population (8) is $0.12. a. (6 points) State the null and the alternative hypotheses. b. (7 points) Compute the test statistic