Question

To compare prices of two local stores, a random sample of items that are sold in...

  1. To compare prices of two local stores, a random sample of items that are sold in both stores were selected and their price noted in the first weekend of the year: (6 marks)

Item

Store A

Store B

Difference (Store A - Store B)

1

1.65

1.99

-0.34

2

8.70

8.49

0.21

3

0.75

0.90

-0.15

4

1.05

0.99

0.06

5

11.30

11.99

-0.69

6

7.70

7.99

-0.29

  1. What are the null and alternative hypothesis if we want to confirm that on average, prices at Store 1 is different from the prices at Store 2, that is, the difference is different from 0?
  1. Compute the test statistic t used to test the hypothesis.

  1. Compute the degree of freedom for the test statistic t

  1. Can we conclude that on average, prices at Store 1 is different from the prices at Store 2? Use the critical-value approach and α = 0.05 to conduct the hypothesis test. (Note: please do everything manually while using formulas written in answers so that i can understand)

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