Question

In: Statistics and Probability

A personal fitness company produces both a deluxe and a standard model of a smoothie blender...

A personal fitness company produces both a deluxe and a standard model of a smoothie blender for home use. Selling prices obtained from a sample of retail outlets follow.

Retail
Outlet		 Model Price ($)
Deluxe Standard
1 39 27
2 39 28
3 45 35
4 38 30
5 40 30
6 39 34
7 35 29

(a)

The manufacturer's suggested retail prices for the two models show a $10 price differential. Use a 0.05 level of significance and test that the mean difference between the prices of the two models is $10.

Calculate the value of the test statistic. (Round your answer to three decimal places.)

Calculate the p-value. (Round your answer to four decimal places.)

(b)

What is the 95% confidence interval for the difference between the mean prices of the two models (in dollars)? (Round your answers to nearest cent. Use the mean price for the deluxe model − the mean price for the standard model.)

$ to $

p-value =

Solutions

Expert Solution

orchestra answered 1 year ago
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