Data was collected on the prices of 1-carat diamonds and 0.99-carat diamonds. We want to test the hypothesis that the av
Posted: Wed May 11, 2022 7:54 pm
Data was collected on the prices of 1-carat diamonds and
0.99-carat diamonds. We want to test the hypothesis that the
average price per carat of a 1-carat diamond is higher than the
average price per carat of a 0.99-carat diamond. Though this
difference in size is undetectable to the naked eye, the average
price per carat for 30 1-carat diamonds sampled was $5,343, where
the average price per carat for 23 0.99-carat diamonds sampled was
$4,450. The p-value was calculated to be 0.0072. Therefore, what
can be said about our hypothesis?
0.99-carat diamonds. We want to test the hypothesis that the
average price per carat of a 1-carat diamond is higher than the
average price per carat of a 0.99-carat diamond. Though this
difference in size is undetectable to the naked eye, the average
price per carat for 30 1-carat diamonds sampled was $5,343, where
the average price per carat for 23 0.99-carat diamonds sampled was
$4,450. The p-value was calculated to be 0.0072. Therefore, what
can be said about our hypothesis?