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Author Question: Exhibit 9-8The average gasoline price of one of the major oil companies in Europe has been $1.25 per ... (Read 50 times)

bryantpr01

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on: Mar 25, 2023

Exhibit 9-8
The average gasoline price of one of the major oil companies in Europe has been $1.25 per liter.  Recently, the company has undertaken several efficiency measures in order to reduce prices.  Management is interested in determining whether their efficiency measures have actually reduced prices.  A random sample of 49 of their gas stations is selected and the average price is determined to be $1.20 per liter.  Furthermore, assume that the standard deviation of the population () is $0.14.


Refer to Exhibit 9-8.  The value of the test statistic for this hypothesis test is


◦

1.96


◦

1.645


◦

-2.5


◦

-1.645

Essentials of Statistics for Business and Economics ¦ Anderson, Sweeney, Williams, Camm, Cochran ¦ 7th Edition
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Marked as best answer by bryantpr01 on Mar 25, 2023

3ginamay

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Reply #1 on: Mar 25, 2023
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bryantpr01

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Reply 2 on: Mar 25, 2023
YES! Correct, THANKS for helping me on my review

Mochi

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Reply 3 on: Yesterday
Wow, this really help

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