The data set that I will discuss is the average price (in US dollars) of gasoline. The data set spans over 20 years from 1999 to 2019 and includes the average price of gasoline for each month. The data set shows no apparent trend as the price of gasoline kept increasing and decreasing each month. However, I was able to observe key price ranges within specific time frames. I noticed that the price of gasoline was generally under $2 per gallon for most of the months from 1999 to 2005. past 2005, the price of gasoline for most of the months was between $2-4 per gallon.

The data is quite long as it consists of 241 months and their respective gas prices. The mean is $2.51 per gallon and the standard deviation is 0.75. Based on this data set, I can make a claim that the average cost of gasoline is greater than $2.50 per gallon. This is a right-tailed test because the claim is only focused on determining whether the average cost of gasoline is above $2.50 per gallon. In order to complete the hypothesis testing, we need the standard deviation, mean, level of significance, standardized test statistic, and P-value. The overall procedure for doing hypothesis testing is as follows:

Can you help me find the following please???

1. State the null and alternative hypothesis

2. collect data in a way to test the hypothesis

3. perform a statistical test

4. decide to either reject or fail to reject your hypothesis

5. state your findings in the discussion