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A new baker is trying to decide if he has an appropriate price set for his...

A new baker is trying to decide if he has an appropriate price set for his 3 tier wedding cakes which he sells for $82.81. He is particularly interested in seeing if his wedding cakes sell for less than the average price. He searches online and finds that out of 47 of the competitors in his area they sell their 3 tier wedding cakes for $100.13. From a previous study, he knows the standard deviation is $10.89. Help the new baker by testing this with a 0.01 level of significance.
Since the level of significance is 0.01 the critical value is 2.326

The test statistic is: (round to 3 places)

The p-value is: (round to 3 places)

Math   Statistics-And-Probability   
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