Question

Set up a null and alternative hypothesis and test to see if your estimated mean price...

  1. Set up a null and alternative hypothesis and test to see if your estimated mean price in Dayton is enough to prove that the population mean gasoline price in Dayton is different than the US mean price. Show your hand written work using a test statistic/ rejection region approach.
  2. Find a p-value and explain what it tells you.
  3. What is your conclusion? How does the mean price of regular gasoline in Dayton compare to the national mean price? Explain.

US Current Avg gas price: $2.184

Dayton Sample Mean: $1.998

Dayton Sample Deviation: $0.1959

Sample Size: 25

Confidence interval: 95% (1.95 and 2.08)

Math   Statistics-And-Probability   
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