Question: Need help with this homework question: Background: The average gasoline price of one of the major oil companies has been $3.00 per gallon. Because of

Need help with this homework question:

Background:

The average gasoline price of one of the major oil companies has been $3.00 per gallon. Because of cost reduction measures, it is believed that there has been a significant reduction in the average price. In order to test this belief, we randomly selected a sample of 36 of the company's gas stations and determined that the average price for the stations in the sample was $2.90. Assume that the standard deviation of the population is $0.12.

1. Use the standardized testing procedure and test their claim.

2. What is the p-value associated with the above sample results? Provide your interpretation of the p-value.

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 Mathematics Questions!

You may need to use the appropriate appendix table or technology to answer this question. The average gasoline price of one of the major oil companies has been $2.80 per gallon. Because of cost...

You may need to use the appropriate appendix table or technology to answer this question. The average gasoline price of one of the major oil companies has been $2.90 per gallon. Because of cost...

The average gasoline price of one of the major oil companies has been $3.00 per gallon. Because of cost reductions measures, it is believed that there has been a significant reduction in the average...

The average gasoline price of one of the major oil companies has been $2.20 per gallon. Because of cost reduction measures, it is believed that there has been a significant reduction in the average...

Please answer these questions in excel. I need the solution in excel. Problem 1 The average gasoline price of one of the major oil companies has been $2.20 per gallon. Because of cost reduction...

The average gasoline price of one of the major oil companies has been $2.50 per gallon. Because of cost reduction measures, it is believed that there has been a significant reduction in the average...

The average gasoline price of one of the major oil companies has been $2.40 per gallon. Because of cost reduction measures, it is believed that there has been a significant reduction in the average...

Then part c is What is the p-value associated with the above sample results? At 95% confidence, test the companies claim. 2 . (20 points) The average gasoline price of one of the major oil companies...

The average gasoline price of one of the major oil companies has been hovering around $2.20 per gallon. Because of cost reduction measures, it is announced that there will be a significant reduction...

Steam enters the condenser of a steam power plant at 30 kPa and a quality of 90% with a mass flow rate of 300 kg/min, and leaves the condenser as saturated liquid at 30 kPa. It is to be cooled by...

The Hudson Corporation reported the following data: Year 3 Year 2 $18,000 $16,000 Year 1 Equipment $14,000 Accounts payable 2,300 1,000 Cash 8,900 8,200 Supplies 1,200 1,700 Accounts receivable 600...

A trader places a stop order to sell at $ 2 . What best describes the action that the stop order will take when the $ 2 price is reached? A stop order to sell at $ 2 guarantees the position will be...

Suppose that last month you purchased ten January crude oil futures contracts at a quoted price of 53.88. These contracts are based on 1,000 barrels and quoted in dollars per barrel. Assume the...

Visit the Postal Service website (www.usps.com) or your local post office to learn the difference between certified mail and registered mail.Then, address an envelope (or paper cut to the appropriate...

What benefits can be gained from an effective sales appeal in an adjustment message? (Objective 4)

Teamwork. Form teams of three students and design a brochure that could be used to welcome new students to your college.Be prepared to promote your brochure in a class contest. (Objective 5)