The Price Of A Certain Combo Meal At Different Franchises Of A National Fast Food Company Varies From 5 00 To 17 34 An 1 (53.89 KiB) Viewed 44 times
The price of a certain combo meal at different franchises of a national fast food company varies from $5.00 to $17.34 and has a known standard deviation of $2.08. A sample of 28 students in an online course that includes students across the country stated that their average price is $5.50. The students have also stated that they are generally unwilling to pay more than $6.25 for this meal. Formulate and conduct a hypothesis test to determine if you can conclude that the population mean is less than $6.25. Use a level of significance of 0.01.
Is there sufficient evidence at the 0.01 level of significance that the population mean is less than $6.25? Determine the null hypothesis, Ho, and the alternative hypothesis, H₁. Hoi A # H₂₁: μ = (Type integers or decimals. Do not round.) Compute the test statistic. (Round to two decimal places as needed.) Find the p-value for the test. (Round to three decimal places as needed.) State the conclusion. The p-value is than $6.25 ▼the chosen value of a, so the null hypothesis. There is evidence to conclude that the population mean is less
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