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Savings On Textbook Using Amazon.com

Can students save money by buying their textbooks at Amazon.com? To investigate this possibility, a random sample of 15 textbooks used during the Spring 2007 semester at Iowa State was selected. The prices for these textbooks at both Iowa State bookstore and through Amazon.com were recorded. The prices for the textbooks, including all relevant taxes and shipping are given below:

Textbooks Price at Iowa State Price at Amazon.com
1 60.77 57.34
2 52.74 44.47
3 39.04 41.48
4 101.28 73.72
5 49.45 42.04
6 113.41 95.38
7 109.72 119.80
8 101.28 62.48
9 29.49 32.43
10 75.57 74.43
11 83.87 83.81
12 25.78 26.48
13 75.80 73.48
14 17.41 20.98
15 43.72 40.43

Using a significant level of alpha= 0.025, is the price of textbooks purchased from the Iowa State bookstore greater than the price of textbooks purchased from Amazon.com and what can we tell about the p-value?

Solution Summary

The solution provides details with equations and calculations for savings on textbooks using Amazon.com.

$2.19