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Consider a scenario in which we decide to compare the price of our textbook on eBay...

Consider a scenario in which we decide to compare the price of our textbook on eBay versus in the University bookstore. For that purpose, we collect 8 observations of sold used copies of the book on eBay. The average price on eBay is $60. We also compute the sample standard deviation of $20. The price at the University bookstore is $75 for a used copy. Please construct a 90% significance test for the hypothesis that the average price of the used book on eBay is MORE THAN OR EQUAL TO $75 and state the results of the test here.

Math   Statistics-And-Probability   
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Conclude: There is no evidence to conclude that the average price of the used book on eBay is MORE THAN OR EQUAL TO $75.

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