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In: Statistics and Probability

The average retail price for bananas in the year 2001 was 51.0 cents per pound. In...

The average retail price for bananas in the year 2001 was 51.0 cents per pound. In order to test whether there is any significant difference in price of bananas between now and the year 2001, a random sample of 16 markets is taken which yields a sample mean price of 57 cents per pound and a sample standard deviation of 11 cents per pound. Assume that the prices of bananas follow a normal distribution. Set up the null and alternate hypotheses to perform this test.

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orchestra answered 2 years ago
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