Question: (9.18) Suppose a study reports that the average price for a gallon of self-serve regular unleaded gasoline is $3.76. You believe that the figure is

(9.18) Suppose a study reports that the average price for a gallon of self-serve regular unleaded gasoline is $3.76. You believe that the figure is higher in your area of the country. You decide to test this claim for your part of the United States by randomly calling gasoline stations. Your random survey of 25 stations produces the following prices. The observed sample price average from 25 stations is $3.7948. Assume gasoline prices for a region are normally distributed. The sample standard deviation is 0.0889. Use a 1% level of significance.

(1). Manually solve the problem with the steps shown in the class. What is the statistical decision and business decision?

(2). Import data set GasPrice.csv file to R studio. Use the same R script file as Q1 and write the correct R commands for solving this problem. What is the p value? What is the statistical decision and business decision? (To answer the p value, statistical and business decision, you could write the answers as comments after the R commands)

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