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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.

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STATISTICS F/BUSINESS+ECONOMICS-TE...

13th Edition
Anderson
Publisher: CENGAGE L
ISBN: 9781305881884

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BuyFindarrow_forward

STATISTICS F/BUSINESS+ECONOMICS-TE...

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.

  1. 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.
  2. b. Using the sample from the 100 restaurants, what is the p-value?
  3. c. At α = .05, what is your conclusion?
  4. d. Repeat the preceding hypothesis test using the critical value approach.

a.

To determine

Identify the null and alternative hypotheses for the given situation.

Explanation of Solution

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 μ<13.04. The complement of the claim is, μ13.04. In the given experiment, the alternative hypothesis indicates the claim

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.

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Chapter 9 Solutions

STATISTICS F/BUSINESS+ECONOMICS-TEXT
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