View the step-by-step solution to:

# A manufacturer produces both a deluxe and a standard model of an automatic sander designed for home use. Selling prices obtained from a sample of...

How would I solve this problem. Please help! Thanks!!

A manufacturer produces both a deluxe and a standard model of an automatic sander designed for home use. Selling prices obtained from a sample of retail outlets follow. Model Price (5) Model Price (\$)
Retail Outlet Deluxe Standard Retail Outlet Deluxe Standard
1 40 27 5 4O 30
2 39 28 6 39 32
3 43 35 7 36 29
4 38 31 a. The manufacturer's suggested retail prices for the two models show a \$10 price differential. Use a .05 level of signiﬁcance and test that the mean difference between the prices of the two models is \$10. Develop the null and alternative hypotheses. Howd—
Haw— Calculate the value of the test statistic. If required enter negative values as negative numbers. (to 2 decimals). The p-value is Can you conclude that the price differential is not equal to \$10?
Yes 6 b. What is the 95% conﬁdence interval for the difference between the mean prices of the two models (to 2 decimals)? Use z—table. (1 :rl l)

#### Top Answer

From attached excel results shown in image we have the following: Part-a Ho and Ha are... View the full answer

### Why Join Course Hero?

Course Hero has all the homework and study help you need to succeed! We’ve got course-specific notes, study guides, and practice tests along with expert tutors.

### -

Educational Resources
• ### -

Study Documents

Find the best study resources around, tagged to your specific courses. Share your own to gain free Course Hero access.

Browse Documents
• ### -

Question & Answers

Get one-on-one homework help from our expert tutors—available online 24/7. Ask your own questions or browse existing Q&A threads. Satisfaction guaranteed!

Ask a Question
Ask a homework question - tutors are online