Question: I want it step by step Exhibit 9-8 The average gasoline price of one of the major oil companies in Europe has been $1.25 per

I want it step by step Exhibit 9-8 The average gasoline

I want it step by step

Exhibit 9-8 The average gasoline price of one of the major oil companies in Europe has been $1.25 per liter. Recently, the company has undertaken several efficiency measures in order to reduce prices. Management is interested in determining whether their efficiency measures have actually reduced prices. A random sample of 49 of their gas stations is selected and the average price is determined to be $1.20 per liter. Furthermore, assume that the standard deviation of the population ( ) is $0.14. 22. Refer to Exhibit 9-8. The standard error has a value of a. 0.14 b. 7 c. 2.5 d. 0.02 ANS: D 23. Refer to Exhibit 9-8. The value of the test statistic for this hypothesis test is a. 1.96 b. 1.645 C. -2.5 d. -1.645 ANS: C 24. Refer to Exhibit 9-8. The p-value for this problem is a. 0.4938 b. 0.0062 c. 0.0124 d. 0.05 ANS: B

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