Activity I - You have just opened a restaurant in a large city, and you are deciding what you should charge for a regular-sized soda. You'd like to charge a price equal to the average of your competitors, which you believe is $2.58. To inform your decision, you want to learn more about the average price charged by competing restaurants in the area. You know you won't be able to get prices for every restaurant, so you randomly sample 35 and collect their soda prices. These data are in Soda.xlsx ( See the attached)

1. You are assuming the mean soda price is $2.58 for all of your competitors. When conducting data analysis to test this belief, what is this assumption called?
2. Calculate the t-statistic assuming the mean soda price for all of your competitors is $2.58.
3. Calculate the p-value for your t-statistic.
4. Using a confidence level of 90%, test whether the mean soda price of all your competitors is $2.58 using the t-stat.
5. Using a confidence level of 90%, test whether the mean soda price of all your competitors is $2.58 using the p-value.
6. Is it possible that your answers to parts d and e would yield different conclusions?

Restaurant	Soda Price
1	$2.39
2	$3.37
3	$2.63
4	$2.80
5	$3.06
6	$2.37
7	$2.37
8	$3.52
9	$2.73
10	$2.66
11	$3.04
12	$2.82
13	$3.10
14	$1.98
15	$3.57
16	$2.98
17	$3.53
18	$3.43
19	$2.94
20	$3.61
21	$2.56
22	$3.64
23	$3.37
24	$2.59
25	$3.66
26	$2.90
27	$2.67
28	$3.16
29	$3.12
30	$3.19
31	$2.58
32	$3.10
33	$2.75
34	$2.88
35	$3.75