Explanation Calculation: The data represent the price of a Big Mac for a sample of McDonald’s restaurants in Country E in the month of January 2014. Step 1: Population characteristic of interest: Let μ be the population characteristic of interest. In this context, denote μ as the population mean of January 2004 price of a Big Mac in Country E. Step 2: Null hypothesis: H 0 : μ = $ 4.62 That is, the sample data does not provide convincing evidence that the mean January 2014 price of a Big Mac in Country E is greater than $4.62. Step 3: Alternative hypothesis: H a : μ > $ 4.62 That is, the sample data provide convincing evidence that the mean January 2014 price of a Big Mac in Country E is greater than $4.62. Step 4: Significance level α : It is given that the significance level α = 0.05 . Step 5: Test statistic: The t- test statistic is as follows: t = x ¯ − μ s n , Where, x ¯ be the sample mean, μ be the hypothesized mean, s be the sample standard deviation, and n be the sample size. Substitute the hypothesized proportion μ = 4.62 in the test statistic. t = x ¯ − 4.62 s n Here, the sample mean x ¯ is not known. Step 6: Assumptions for performing a hypothesis test about μ when σ is unknown: The sample mean x ¯ and sample standard deviation s are from a random sample. The population distribution should be distributed approximately normally or the sample size should be greater than 30. That is, n ≥ 30 . Requirement check: It is assumed that the sample of price of Big Mac acts as the representative of Country E’s McDonald’s restaurants, and therefore, the samples can be treated as a random sample from that particular population. In this context, the sample size is not large enough

Bundle: Introduction to Statistics and Data Analysis, 5th + WebAssign Printed Access Card: Peck/Olsen/Devore. 5th Edition, Single-Term

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Chapter 10.4, Problem 50E

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Check whether the sample data provide convincing evidence that the mean January 2014 price of a Big Mac in Country E is greater than the reported price in Country U.

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Bundle: Introduction to Statistics and Data Analysis, 5th + WebAssign Printed Access Card: Peck/Olsen/Devore. 5th Edition, Single-Term

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Check whether the sample data provide convincing evidence that the mean January 2014 price of a Big Mac in Country E is greater than the reported price in Country U.

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Check whether the sample data provide convincing evidence that the mean January 2014 price of a Big Mac in Country E is greater than the reported price in Country U.

Chapter 10 Solutions