# Question

Although your product, a word game, has a list price of $12.95, each store is free to set the price as it wishes. You have just completed a quick survey, and the marked prices at a random sample of stores that sell the product were as follows:

a. Estimate the mean selling price you would have found had you been able to survey all stores selling your product.

b. For a typical store, approximately how different is the actual selling price from the average?

c. Find the 95% confidence interval for the mean selling price for all stores selling your product.

d. Your marketing department believes that games generally sell at a mean discount of 12% from the list price. Identify the hypotheses you would work with to test the population mean selling price against this belief.

e. Test the hypotheses from part d.

a. Estimate the mean selling price you would have found had you been able to survey all stores selling your product.

b. For a typical store, approximately how different is the actual selling price from the average?

c. Find the 95% confidence interval for the mean selling price for all stores selling your product.

d. Your marketing department believes that games generally sell at a mean discount of 12% from the list price. Identify the hypotheses you would work with to test the population mean selling price against this belief.

e. Test the hypotheses from part d.

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