The accompanying data consists of prices ($) for one sample of California cabernet sauvignon wines that received
Question:
Assume that these are both random samples of prices from the population of all wines recently reviewed that received ratings of at least 93 and at most 89, respectively.
a. Investigate the plausibility of assuming that both sampled populations are normal.
b. Construct a comparative boxplot. What does it suggest about the difference in true average prices?
c. Calculate a confidence interval at the 95% confidence level to estimate the difference between µ1, the mean price in the higher rating population, and µ2, the mean price in the lower rating population. Is the interval consistent with the statement "Price rarely equates to quality" made by a columnist in the cited issue of the magazine?
Step by Step Answer:
Probability And Statistics For Engineering And The Sciences
ISBN: 9781305251809
9th Edition
Authors: Jay L. Devore