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You may need to use the appropriate appendix table or technology to answer this question. 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. Fifteen costs yield a mean cost of $0.97 with a standard deviation of $0.18. Do the data support the claim at the 1% level? State the null and alternative hypotheses (in dollars). (Enter != for as needed.) Ho H What is the test statistic? (Round your answer to two decimal places.) What is/are the critical value(s)? (If using the z distribution round your answer(s) to two decimal places, and if using the t distribution round your answer(s) to three decimal places. Enter NONE for any unused answer blanks.) lower tail upper tail What is the decision of the test and what conclusions can be drawn? t At the 1% level of significance we would reject Ho and conclude that there is not sufficient evidence to conclude that the the average cost of a daily newspaper is not equal to $1.00. At the 1% level of significance we would reject Ho and conclude that there is sufficient evidence to conclude that the the average cost of a daily newspaper is not equal to $1.00. At the 1% level of significance we would fail to reject Ho and conclude that there is not sufficient evidence to conclude that the the average cost of a daily newspaper is not equal to $1.00. At the 1% level of significance we would fail to reject Ho and conclude that there is sufficient evidence to conclude that the the average cost of a daily newspaper is not equal to $1.00. You may need to use the appropriate appendix table or technology to answer this question. 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. Fifteen costs yield a mean cost of $0.97 with a standard deviation of $0.18. Do the data support the claim at the 1% level? State the null and alternative hypotheses (in dollars). (Enter != for as needed.) Ho H What is the test statistic? (Round your answer to two decimal places.) What is/are the critical value(s)? (If using the z distribution round your answer(s) to two decimal places, and if using the t distribution round your answer(s) to three decimal places. Enter NONE for any unused answer blanks.) lower tail upper tail What is the decision of the test and what conclusions can be drawn? t At the 1% level of significance we would reject Ho and conclude that there is not sufficient evidence to conclude that the the average cost of a daily newspaper is not equal to $1.00. At the 1% level of significance we would reject Ho and conclude that there is sufficient evidence to conclude that the the average cost of a daily newspaper is not equal to $1.00. At the 1% level of significance we would fail to reject Ho and conclude that there is not sufficient evidence to conclude that the the average cost of a daily newspaper is not equal to $1.00. At the 1% level of significance we would fail to reject Ho and conclude that there is sufficient evidence to conclude that the the average cost of a daily newspaper is not equal to $1.00.
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