Answered: Prices of basic commodities are often…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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Prices of basic commodities are often greatly affected by typhoons. During the aftermath of recent typhoon, the prices of bangus were reported to have been sold at P20 - P25 more per kilogram at local wet markets. However, the price was back to its normal mean price at P100 per kilo one week after. If a random sample of 10 bangus sales transactions from local wet markets have prices (in pesos per kilo) of 107. 115, 130, 95, 100, 105, 98, 116, 104, and 100. Assuming that the bangus prices are normally distributed, is there sufficient evidence to say that the mean price of bangus in these markets is greater than P100? Use a 0.05 level of significance. State the null and alternative hypotheses

Features Features Normal distribution is characterized by two parameters, mean (µ) and standard deviation (σ). When graphed, the mean represents the center of the bell curve and the graph is perfectly symmetric about the center. The mean, median, and mode are all equal for a normal distribution. The standard deviation measures the data's spread from the center. The higher the standard deviation, the more the data is spread out and the flatter the bell curve looks. Variance is another commonly used measure of the spread of the distribution and is equal to the square of the standard deviation.

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