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Problem 1 The average prices for a product in twelve stores in a city are shown below. $1.99, $1.85, $1.25,

$2.55, $2.00, $1.99, $1.76, $2.50, $2.20, $1.85, $2.75, $2.85 Test the hypothesis that the average price is higher than $1.87. Use level of significance  = 0.05.

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After working on your question, I... View the full answer

8411103.xlsx

1.99
1.85
1.25
2.55
2
1.99
1.76
2.5
2.2
1.85
2.75
2.85
mean
stdev 2.128333
0.461733 Ho: μ≤1.87
H1: μ>1.87
test statstic
1.93812
the critical t value with 12 degrees is 1.796
se WE DO NOT...

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