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Author Question: The average gasoline price of one of the major oil companies has been $2.20 per gallon. Because of ... (Read 44 times)

Katmoss16

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on: Mar 25, 2023

The average gasoline price of one of the major oil companies has been $2.20 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 $2.14. Assume that the standard deviation of the population (σ) is $0.12.

a.State the null and the alternative hypotheses.
b.Compute the test statistic.
c.What is the p-value associated with the above sample results?
d.At 95% confidence, test the company's claim.

Essentials of Statistics for Business and Economics ¦ Anderson, Sweeney, Williams, Camm, Cochran ¦ 7th Edition
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Marked as best answer by Katmoss16 on Mar 25, 2023

labrinker

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Reply #1 on: Mar 25, 2023
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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Katmoss16

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Reply 2 on: Mar 25, 2023
Excellent

lindahyatt42

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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