The R. R. Bowker Company of New York collects information on the retail prices of books and publi
Question: 60
The R. R. Bowker Company of New York collects information on the retail prices of books and publishes the data in The Bowker Annual Library and Book Trade Almanac In 2000, the mean retail price of agriculture books was $66.52. This year’s retail prices for 28 randomly selected agriculture books are shown in the following table.
| 68.45 | 76.61 | 66.01 | 55.02 | 55.77 | 71.78 | 75.31 |
| 60.99 | 46.58 | 59.38 | 69.33 | 47.05 | 67.12 | 56.26 |
| 59.36 | 79.94 | 57.05 | 75.09 | 68.27 | 50.54 | 62.57 |
| 58.86 | 67.99 | 66.95 | 55.56 | 75.67 | 59.52 | 75.59 |
At the 10% significance level, do the data provide sufficient evidence to conclude that this year’s mean retail price of agriculture books had changed from the 2000 mean? Assume that the standard deviation of prices for this year’s agriculture books is $8.45 (Note: The Sum of the data is $1788.62.)
Price: $2.99
See Solution: The solution consists of 2 pages
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Deliverables: Word Document
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