The average gasoline price of one of the major oil companies has been $1.00 per gallon (must have be
Question: The average gasoline price of one of the major oil companies has been $1.00 per gallon (must have been 30 years ago). Because of shortages in production of crude oil, it is believed that there has been a significant increase in the average price. In order to test this belief, we randomly selected a sample of 36 of the company's gas stations and determined that the average price for the stations in the sample was $1.10. Assume that the standard deviation of the population () is $0.12.
a. | State the null and the alternative hypotheses. |
b. | Test the claim at ? ? .05 using the z statistic |
c. | What is the p-value associated with the above sample results? |
Price: $2.99
Solution: The solution file consists of 2 pages
Deliverables: Word Document
Deliverables: Word Document