Which is cheaper: eating out or dining in? The mean cost of a flank steak, broccoli, and

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Which is cheaper: eating out or dining in? The mean cost of a flank steak, broccoli, and rice bought at the grocery store is \($23.04\). A sample of 100 neighborhood restaurants showed a mean price of \($22.75\) and a standard deviation of \($2\) for a comparable restaurant meal.

a. Develop appropriate hypotheses for a test to determine whether the sample data support the conclusion that the mean cost of a restaurant meal is less than fixing a comparable meal at home.

b. Using the sample from the 100 restaurants, what is the p value?

c. At α = 0.05, what is your conclusion?


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Business Analytics

ISBN: 9780357902219

5th Edition

Authors: Jeffrey D. Camm, James J. Cochran, Michael J. Fry, Jeffrey W. Ohlmann

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