Question: 2. (10 points) Given that most textbooks can now be pruchased online. One wonders if students can save money by comparison shopping for texbooks at

2. (10 points) Given that most textbooks can now

2. (10 points) Given that most textbooks can now be pruchased online. One wonders if students can save money by comparison shopping for texbooks at online retailers and at their local bookstores. To investigate, students at Tech University randomly sample 25 textbooks on the shelves of their local bookstores. The students then found the "best" available proce for the same textbooks via online retailers. The price for the textbook can be found in the dataset texbook.xlsx (a) (1 point) Is a machted pair design appropriate for the above experiment? Explain. (b) (2 points) What assumptions must be made in order to use the matched pair t-procedure? (c) (2 points) Does the data appear to satisfy the assumptions described in part b? Why or why not? (d) (5 points) Based on the data, is it less expensive for the students to purchase textbooks from the online retailers than from local bookstores? Perform a hypothesis test to answer the question. Make sure you include the four steps of a hypothesis testing procedure. Use a=0.01

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related General Management Questions!