Question

The cost of a one-carat diamond is $5,800. A jeweler researches the price of diamonds in the diamond district in New York and lists the results below:

$5,750
$5,650
$5,400
$5,800
$5,950
$5,900
$5,850
$5,800
$5,850
$5,600
$5,750
$5,800
$5,900
$5,850

Using a 0.10 significance level, test the claim that the mean price of diamonds in New York differs from $5,800.

Answer 1