Heather Carielli is a former student who earned a master degree at the Univeristy of Arkansas. When she randomly selected 16 new text books in the college book store she found that they had prices with a mean of $70.41 and a standard deviation of $19.70. Is there sufficient evidence to warrant rejection of a claim in the college catalog that the mean price of the textbook at the college is less than $75.00? use .05 significance level. For this problem what is the value of the text statistic?
SE = s/sqrt n = 19.70/sqrt 16 = 4.925
t = (x-bar - mu)/SE
t = (70.41 - ...
Neat and step-wise solutions are provided.