Question: A carpet cleaning company is doing some research to determine
A carpet cleaning company is doing some research to determine if its rates are lower than those of its competitors. A researcher posed as a householder to get prices for cleaning a bedroom carpet. The average of 15 such prices was $87.43, with a standard deviation of $16.23. Is this average significantly higher than the company's own price of $85 for such a job? You may assume that the population data are normally distributed. What should the company do? Use α = 0.05.
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