What is the average difference between the price of name-brand soup and the price of store-brand soup?
Question:
What is the average difference between the price of name-brand soup and the price of store-brand soup? To obtain an estimate, an analyst randomly samples eight stores. Each store sells its own brand and a national name brand. The prices of a can of name-brand tomato soup and a can of the store-brand tomato soup follow.
Construct a 90% confidence interval to estimate the average difference. Assume that the differences in prices of tomato soup are normally distributed in thepopulation.
Transcribed Image Text:
Store Name Brand Store Brand 490 50 52 51 50 56 47 540 59 53 54. 61 51 53
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Name Brand Store Brand d 54 49 5 55 50 5 59 52 7 53 51 2 ...View the full answer
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Related Book For
Business Statistics for Contemporary Decision Making
ISBN: 978-0470910184
6th Edition
Authors: Ken Black
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