The price of a certain combo meal at different franchises of a national fast food company varies from $5.00 to $17.32 an

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The Price Of A Certain Combo Meal At Different Franchises Of A National Fast Food Company Varies From 5 00 To 17 32 An 1 (64.32 KiB) Viewed 24 times

The price of a certain combo meal at different franchises of a national fast food company varies from $5.00 to $17.32 and has a known standard deviation of $2.04. A sample of 25 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 0.05. C. Is there sufficient evidence at the 0.05 level of significance that the population mean is less than $6.25? Determine the null hypothesis, Ho, and the alternative hypothesis, H₁. Hội H > 6.25 H₁: p 6.25 (Type integers or decimals. Do not round.) Compute the test statistic. (Round to two decimal places as needed.)