Which is cheaper: eating out or dining in? The mean cost of a flank steak, broccoli, and rice bought at the grocery store is $13.04 (Money.msn website, November 7, 2012). A sample of 100 neighbourhood restaurants showed a mean price of $12.75 and a standard deviation of $2 for a comparable restaurant meal. a. Develop appropriate hypotheses for a test to determine whether the sample data support the conclusion that the mean cost of a restaurant meal is less than fixing a comparable meal at home. b. Using the sample from the 100 restaurants, what is the p-value? c. At a = .05, what is your conclusion? d. Repeat the preceding hypothesis test using the critical value approach
Which is cheaper: eating out or dining in? The mean cost of a flank steak, broccoli, and
rice bought at the grocery store is $13.04 (Money.msn website, November 7, 2012). A
sample of 100 neighbourhood restaurants showed a mean price of $12.75 and a standard
deviation of $2 for a comparable restaurant meal.
a. Develop appropriate hypotheses for a test to determine whether the sample data support
the conclusion that the mean cost of a restaurant meal is less than fixing a comparable
meal at home.
b. Using the sample from the 100 restaurants, what is the p-value?
c. At a = .05, what is your conclusion?
d. Repeat the preceding hypothesis test using the critical value approach
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