Question: The Lundberg Survey which reports gas prices at gas stations
The Lundberg Survey, which reports gas prices at gas stations nationwide, reported recently that the average price for regular grade gasoline in the US was $ 3.42 per gallon (source: moneynews.com). You believe that the current average price for the population of stations in your city is higher. To make your case, you take a random sample of 49 stations in your city and find that the average regular gas price for the stations in the sample is $ 3.46 per gallon. Is this sufficient sample evidence to reject a null hypothesis that the average price of gasoline for the population of gas stations in your city is no more than $ 3.42, at the 5% significance level? Assume the standard deviation of gas prices for the population of gas stations in your city is $.14 per gallon.
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