Nationwide, the average price of gasoline is $2.69 with a standard deviation of $0.15, In a...
- Nationwide, the average price of gasoline is $2.69 with a standard deviation of $0.15, In a random sample of 40 gas stations in this area, the average price is $2.79. At a significance level of 0.05, can one conclude that the average price in this area is higher than nationwide?
Homework Answers
Solution-:
Given : 
Hypothesis: 
Vs 
(Right tailed test)
Under 
the test statistic is,
(Calculated value)
Table value: At 
(From Z table)
Decision Rule:Here, 
hence we reject
at 5% level of signficance.
Conclusion: We conclude that the average price in this area is higher than nationwide.
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