The average gasoline price of one of the major oil companies has been $2.90 per gallon. Because of cost reduction measures, it is believed that there has been a significant reduction in the average price. In order to test this belief, we randomly selected a sample of 36 of the company's gas stations and determined that the average price for the stations in the sample was $2.83. Assume that the standard deviation of the population () is $0.19. (a) State the null and the alternative hypotheses (in dollars). (Enter != for # as needed.) Ho: H₂: (b) Compute the test statistic. (Round your answer to two decimal places.) (c) What is the p-value associated with the above sample results? (Round your answer to four decimal places.) p-value = (d) Using a = 0.05, test the company's claim. O Reject Ho. There is insufficient evidence that the average price has been reduced. O Do not reject Ho. There is insufficient evidence that the average price has been reduced. O Do not reject Ho. There is sufficient evidence that the average price has been reduced. O Reject Ho. There is sufficient evidence that the average price has been reduced.

The average gasoline price of one of the major oil companies has been $2.90 per gallon. Because of cost reduction measures, it is believed that there has been a significant reduction in the average price. In order to test this belief, we randomly selected a sample of 36 of the company's gas stations and determined that the average price for the stations in the sample was $2.83. Assume that the standard deviation of the population () is $0.19. (a) State the null and the alternative hypotheses (in dollars). (Enter != for # as needed.) Ho: H₂: (b) Compute the test statistic. (Round your answer to two decimal places.) (c) What is the p-value associated with the above sample results? (Round your answer to four decimal places.) p-value = (d) Using a = 0.05, test the company's claim. O Reject Ho. There is insufficient evidence that the average price has been reduced. O Do not reject Ho. There is insufficient evidence that the average price has been reduced. O Do not reject Ho. There is sufficient evidence that the average price has been reduced. O Reject Ho. There is sufficient evidence that the average price has been reduced.

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018

18th Edition

ISBN:9780079039897

Author:Carter

Publisher:Carter

Chapter10: Statistics

Section10.5: Comparing Sets Of Data

Problem 14PPS

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