Question
To compare prices of two local stores, a random sample of items that are sold in...
- 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:
(12 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 |
- 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?
- What are the sample mean difference in prices and the sample standard deviation?
- Compute the test statistic t used to test the hypothesis.
- Compute the degree of freedom for the test statistic t
- 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.
Use the above data to construct a 95% confidence interval for the difference in prices between the two stores.
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