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Suppose a study reports that the average price for a gallon of self-serve regular unleaded gasoline in a particular municipality is $3.16. You
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This question is due tonight by 11.59. $8.00 Please round to 4 places. 

  • I must show all 8 steps. 

Suppose a study reports that the average price for a gallon of self-serve regular unleaded gasoline in a particular municipality is $3.16. You believe the figure is higher. With that in mind, you randomly sample 25 gas stations in the municipality which results in a sample mean price of $3.1948 with a sample standard deviation of $.0889. Assume there are 275 gas stations in the municipality. At the .01 level of significance, is the average price higher than $3.16? List and clearly label all eight steps. 1. H 0 : = H a : 2. Show equaton used To solve for Z or T. ( example. T = ´ X ¿ s n ¿ ) 3. SigniFcance level: a= .01 4. Decision Rule: RejecT The Null HypoThesis if… 5. ´ X = 3.1948 s = .0889 n = 25 = 3.16 6. T = or Z = 7. rejecT or accepT Null HypoThesis. Why? 8. aT .01 level of signiFcance, There is (in)su±cienT daTa To conclude ThaT The machine should be recalibraTed.
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