19 May A Manufacturer Produces Both A Deluxe And A Standard Model Of An Automatic Sander Designed
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.
| Retail Outlet | Deluxe Model Price ($) | Standard Model Price ($) |
| 1 | 40 | 27 |
| 2 | 39 | 28 |
| 3 | 43 | 35 |
| 4 | 38 | 31 |
| 5 | 40 | 30 |
| 6 | 39 | 32 |
| 7 | 36 | 29 |
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.
Calculate the value of the test statistic. If required enter negative values as negative numbers. (to 2 decimals).
10.00
The p-value is
Can you conclude that the price differential is not equal to $10?
What is the 95% confidence interval for the difference between the mean prices of the two models (to 2 decimals)?
(
,
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