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I am shopping for a dresser on Craigslist. I look at 30 dressers. I know the...

I am shopping for a dresser on Craigslist. I look at 30 dressers. I know the standard deviation of dresser prices is $20, and the mean cost of the dressers I look at is $80. I had been told that dressers should be $50.

(a) Write down the null and alternative hypotheses.

(b) What is the value of the test statistic?

(c) What is the p-value? Interpret this value.

(d) What is the rejection region if α = .04? (e) Interpret the result - do we accept or reject the null hypothesis.

(f) Create a 95% confidence interval for the true average cost of a dresser and interpret the confidence interval.

Math   Statistics-And-Probability   
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