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Comparing Mean Food Prices at Whole Foods and Fairway Market

A newspaper article discussed the opening of a Whole Foods Market in the Time=Warner building in NYC. The following data compared the prices of some kitchen staples at the new Whole Foods Market and at the Fairway supermarket.

Items Whole Food Fairway

milk 2.19 2.39
eggs 2.39 1.69
orange juice 2.00 2.49
lettuce 1.98 1.29
ground round 4.99 3.69
tuna 1.79 1.33
apples 1.69 1.49
linguini 1.99 1.59
salmon 7.99 5.99
chicken 2.19 1.49

a At the 0.01 level of significance is there evidence that the mean price is higher at Whole Foods than at Fairway?

b. Interpret the meaning of the p-value in a.

c. What assumption is necessary about the population distribution in order to perform the test

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Solution Summary

A Complete, Neat and Step-by-step Solution is provided in the attached Excel file.