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6-Step Hypothesis Testing on Price Differences

The following prices for seven games were taken from MacPrice and MacBuy catalog:

MYST 22.99 24.99
REBEL ASSAULT 14.99 12.99
SOLITAIRE 14.99 12.99
RIVEN 29.99 29.99
MYTH 22.99 24.99
WARCRAFT 2 19.99 24.99
MECH WARRIOR 2 24.99 29.99

Determine using a 6-step hypothesis test if there is a price difference between MacPrice and MacBuy.

Solution Summary

This solution contains a 6-step hypothesis test to determine if a price difference exists between MacPrice and MacBuy. A null hypothesis and alternative hypothesis is provided and a statistical analysis is conducted to either accept or reject the null hypothesis.