A manufacturer produces both a deluxe and a standard model of an automatic sander designed for home use. Selling prices

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A Manufacturer Produces Both A Deluxe And A Standard Model Of An Automatic Sander Designed For Home Use Selling Prices 1 (102.88 KiB) Viewed 35 times

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. Model Price ($) Model Price ($) Retail Outlet Deluxe Standard Retail Outlet Deluxe Standard 1 40 27 5 40 30 2 39 28 6 39 32 3 43 35 7 36 29 4 38 31 a. 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. Ho = μd Select Ha d Select Calculate the value of the test statistic. If required enter negative values as negative numbers. (to 2 decimals). The p-value is Select Can you conclude that the price differential is not equal to $10? Select b. What is the 95% confidence interval for the difference between the mean prices of the two models (to 2 decimals)? Use a t-table.