Question: Question 3 (25 marks) Use the data you have collected in Question 1 to answer the following questions. You may assume that the price of

Question 3 (25 marks) Use the data you have collected in Question 1 to answer the following questions. You may assume that the price of the product is normally distributed. a) What is the 90% confidence interval for the mean price. (7 marks) b) With reference to this context, explain the meaning of the confidence interval that you have obtained. (5 marks) c) Conduct an appropriate hypothesis test, at the 0.05 level of significance, to determine whether the population mean price is 10% above the value of the sample mean you have determined. (13 marks)

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