Question: The Economist collects data each year on the price of
The Economist collects data each year on the price of a Big Mac in various countries around the world. The price of a Big Mac for a sample of McDonald’s restaurants in Europe in May 2009 resulted in the following Big Mac prices (after conversion to U.S. dollars):
The mean price of a Big Mac in the U.S. in May 2009 was $3.57. For purposes of this exercise, assume it is reasonable to regard the sample as representative of European McDonald’s restaurants. Does the sample provide convincing evidence that the mean May 2009 price of a Big Mac in Europe is greater than the reported U.S. price? Test the relevant hypotheses using a = .05.
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