Frank ordered playoff tickets for himself and three friends. There is a $7 service fee per ticket and an additional shipping cos
1 answer:
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Answer:
1. Option A) Reject the null hypothesis
2. Option B) 0.0062
Step-by-step explanation:
We are given the following in the question:
1. Population mean, μ = $1.25 per liter
Sample mean, = $1.20 per lite
Sample size, n = 49
Alpha, α = 0.05
Population standard deviation, σ = $0.14
First, we design the null and the alternate hypothesis
We use one-tailed z test to perform this hypothesis.
Formula:
Putting all the values, we have
Now,
Since,
We reject the null hypothesis and accept the alternate hypothesis.
Option A) Reject the null hypothesis
Thus, there is enough evidence to support the claim that efficiency measures have reduced the prices.
2. We can calculate the p value from the standard table.
P-value = 0.0062
Option B) 0.0062