Selling prices for 230 diamonds evaluated by two different diamond ratings agenc

Question

Selling prices for 230 diamonds evaluated by two different diamond ratings agencies (GIA and HRD) were collected and the data was analyzed using the Microsoft Excel Data Anlaysis Toolpak. The following results were generated in Excel inputting alpha .05 in the Excel dialog box. z-Test: Two Sample for Means Based on these Microsoft Excel Data .Analysis results, if the the hypothesis test is testing "whether the mean retail sales price of GLA is less than the mean retail sales price of HRD:": A. Since the p-value is larger than the level of significance (.05): the null hypothesis will not be rejected. B. the p-value of this hypothesis test is appoximately zero. C. the p-value of this hypothesis test is 8.3009. D. the p-value of this hypothesis test is 4.1505.

Explanation / Answer

Since,we want to test whether mean retail sales price of GLA is less than the mean retail sales price of HRD,

so it is one tailed test.

Here p-value for this testing problem is 4.1504E-06,i.e approximately equal to 0<0.05

So we reject the null hypothesis and we can conclude that the mean retail sales price of GLA is less than the mean retail sales price of HRD.

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