Prices for a gallon of regular gas were recorded for a sample of 12 gas stations, as shown below Can you conclude that the median price is less than $4 00 Use the 0 05 level of significance a State the null and alternate hypotheses b Compute the test statistic c Find the critical value d State a co...

The Answer is in the image, click to view ...

Prices for a gallon of regular gas were recorded for a sample of 12 gas stations, as

Question:

Prices for a gallon of regular gas were recorded for a sample of 12 gas stations, as shown below. Can you conclude that the median price is less than $4.00? Use the

α = 0.05 level of significance.

a. State the null and alternate hypotheses.

b. Compute the test statistic.

c. Find the critical value.

d. State a conclusion.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Elementary Statistics

ISBN: 9781259969454

3rd Edition

Authors: William Navidi, Barry Monk

See More Books

Question Posted: May 13, 2024 05:02 AM

See More Questions

Following are the current prices and last years prices of a gallon of regular gas at a sample of 14 gas stations. Can you conclude that the median price is different now from what it was a year ago?...
A random sample of eight drugstores shows the following prices (in $) for a popular pain reliever: 5.00 4.25 3.75 5.50 5.75 6.25 5.25 4.25 a. Specify the competing hypotheses to determine whether the...
The registrar at a college sampled 30 students and recorded the GPA for each, as shown below. Can you conclude that the median GPA is less than 2.90? Use the = 0.05 level of significance. a. State...
Discuss the interface between Purchasing and Supply Management and Logistics Management specifically with respect to selection of a third party logistics provider, analysis of the total cost of...
n1 = 20, n2 = 25, S = 607, H1: 1 2. In Exercises 710, compute S, S, and the value of the test statistic z. Then find the P-value for the specified alternate hypothesis and values of n1, n2, and S.
East Mill Associates (EMA) was developing residential units in East Brunswick, New Jersey, within the service area of the East Brunswick Sewerage Authority (EBSA). The sewer system required an...
A disadvantage of the sign test is that when the population is approximately normal the sign test is __________________ likely to reject a false null hypothesis than the t-test. In Exercises 3 and 4,...
Roger Young is a 43-year-old male hospitalized following a motor vehicle accident in which he was an unrestrained driver. Roger sustained a left femur fracture which required an open reduction and...
How would the value of $\mathrm{H}$ change if a generator's assumed operating frequency is changed from $60 \mathrm{~Hz}$ to $50 \mathrm{~Hz}$ ?
In capital budgeting, a distinction has been made regarding the process of "assessment" as being distinctively different than "evaluation." What is the difference and why is it important?
In evaluating projects of unequal lives, what are some of the limitations of the "repeatability analysis" that might be cause for concern?
Assigning an MARR seems more like an art than a science. How, then, is the assignment of MARR meaningful?

Prices for a gallon of regular gas were recorded for a sample of 12 gas stations, as

Question:

3.92 3.95 3.76 3.89 3.61 3.66 3.98 3.79 3.57 4.06 3.96 3.74

Step by Step Answer:

Elementary Statistics

Students also viewed these Business questions