Suppose a study reports that the average price for a gallon of self-serve regular unleaded gasoline in a particular municipality is $3.16. You believe the figure is higher. With that in mind, you randomly sample 25 gas stations in the municipality which results in a sample mean price of $3.1948 with a sample standard deviation of $.0889. Assume there are 275 gas stations in the municipality. At the .01 level of significance, is the average price higher than $3.16? List and clearly label all eight steps. 1. H0: = Ha: 2. Show equation used to solve for Z or t. ( example. t = 3. 4. 5. 6. 7. 8. X s n ) Significance level: a= .01 Decision Rule: Reject the Null Hypothesis if... X = 3.1948 s = .0889 n = 25 = 3.16 t = or Z = reject or accept Null Hypothesis. Why? at .01 level of significance, there is (in)sufficient data to conclude that the machine should be recalibrated