Question: Suppose a study reports that the average price for 1L of self-serve regular unleaded gas is $1.07. You believe that the figure is higher in

Suppose a study reports that the average price for 1L of self-serve regular unleaded gas is $1.07. You believe that the figure is higher in your area of the country. You decide to test this claim for your part of Canada by randomly calling gas stations. Your random survey of 25 stations produces the following sample statistics: x = 1.078 and s = 0.029. Assume gas prices for a region are normally distributed. Do the data you obtained provide enough evidence to reject the claim? Use a 1% level of significance. a. State the Hypotheses b. Test statistic c. P-value (Use the statistical table in Brightspace) d. Conclusions
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
