Which is the better buy; 3 pounds for $8.31 or 5 pound for $12.95
2 answers:
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Answer:
Since the p value is lower than the significance level 0.1 we have enough evidence to reject the null hypothesis, and we can conclude that the true mean is significanlty lower than 3.39 personas at 10% of significance.
Step-by-step explanation:
Data given and notation
represent the sample mean
represent the sample standard deviation
sample size
represent the value that we want to test
represent the significance level for the hypothesis test.
t would represent the statistic (variable of interest)
represent the p value for the test (variable of interest)
State the null and alternative hypotheses.
We need to conduct a hypothesis in order to check if the true mean is less than 3.39 persons, the system of hypothesis would be:
Null hypothesis:
Alternative hypothesis:
The statistic is given by:
(1)
Calculate the statistic
We can replace in formula (1) the info given like this:
P-value
The degreed of freedom are given by:
Since is a one sided lower test the p value would be:
Conclusion
Since the p value is lower than the significance level 0.1 we have enough evidence to reject the null hypothesis, and we can conclude that the true mean is significanlty lower than 3.39 personas at 10% of significance.