The mean retail price of agriculture books in 2005 was $57.61. This year’s retail mean price for 28 randomly selected agriculture books was $54.97. Assume that the population standard deviation of prices for this year’s agriculture books is $8.45.  (a)At the 5% significance level, do the data provide sufficient evidence to conclude that this year’s mean retail price of agriculture books has changed from the 2005 mean?  (b)What is the P-value of the test in part (a)?  (c)Obtain a confidence interval corresponding to the test in part (a).

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter10: Statistics
Section10.4: Distributions Of Data
Problem 19PFA
icon
Related questions
Topic Video
Question

The mean retail price of agriculture books in 2005 was $57.61. This year’s retail mean price for 28 randomly selected agriculture books was $54.97. Assume that the population standard deviation of prices for this year’s agriculture books is $8.45.

 (a)At the 5% significance level, do the data provide sufficient evidence to conclude that this year’s mean retail price of agriculture books has changed from the 2005 mean?

 (b)What is the P-value of the test in part (a)?

 (c)Obtain a confidence interval corresponding to the test in part (a).

 (d)Does the interval in part (c) support the result in part (a)? Explain your answer.

6. The mean retail price of agriculture books in 2005 was $57.61. This year's retail mean price for 28
randomly selected agriculture books was $54.97. Assume that the population standard deviation of
prices for this year's agriculture books is $8.45.
(a)At the 5% significance level, do the data provide sufficient evidence to conclude that this year's mean
retail price of agriculture books has changed from the 2005 mean?
(b)What is the P-value of the test in part (a)?
(c)obtain a confidence interval corresponding to the test in part (a).
(d)Does the interval in part (c) support the result in part (a)? Explain your answer.
Transcribed Image Text:6. The mean retail price of agriculture books in 2005 was $57.61. This year's retail mean price for 28 randomly selected agriculture books was $54.97. Assume that the population standard deviation of prices for this year's agriculture books is $8.45. (a)At the 5% significance level, do the data provide sufficient evidence to conclude that this year's mean retail price of agriculture books has changed from the 2005 mean? (b)What is the P-value of the test in part (a)? (c)obtain a confidence interval corresponding to the test in part (a). (d)Does the interval in part (c) support the result in part (a)? Explain your answer.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 4 steps

Blurred answer
Knowledge Booster
Hypothesis Tests and Confidence Intervals for Means
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, statistics and related others by exploring similar questions and additional content below.
Recommended textbooks for you
Glencoe Algebra 1, Student Edition, 9780079039897…
Glencoe Algebra 1, Student Edition, 9780079039897…
Algebra
ISBN:
9780079039897
Author:
Carter
Publisher:
McGraw Hill