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).
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
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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.
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