14. Americas Market Basket A survey was conducted by an independent price-checking company to check an advertisers
Question:
14. America’s Market Basket A survey was conducted by an independent price-checking company to check an advertiser’s claim that it had lower prices than its competitors. The average weekly total, based on the prices of approximately 95 items, is given for this chain and for its competitor recorded during four consecutive weeks in a particular month
a. Is there a significant difference in the average prices for these two different supermarket chains?
b. What is the approximate p-value for the test conducted in part a?
c. Construct a 99% confidence interval for the difference in the average prices for the two supermarket chains. Interpret this interval.
Step by Step Answer:
Introduction To Probability And Statistics
ISBN: 9780357114469
15th Edition
Authors: William Mendenhall Iii , Robert Beaver , Barbara Beaver