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13th Edition

Anderson

Publisher: CENGAGE L

ISBN: 9781305881884

Chapter 9.4, Problem 27E

Textbook Problem

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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 neighborhood 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
*α =*.05, what is your conclusion? - d. Repeat the preceding hypothesis test using the critical value approach.

**a.**

To determine

Identify the null and alternative hypotheses for the given situation.

Here, the claim is that the mean cost of a restaurant meal is less than fixing a comparable meal at home. This can be written as

**b.**

To determine

Find the *p*-value.

**c.**

To determine

Find the conclusion.

**d.**

To determine

Repeat the preceding hypothesis test using critical value approach.

STATISTICS F/BUSINESS+ECONOMICS-TEXT

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