The R. R. Bowker Company of New York collects information on the retail prices o

Question

The R. R. Bowker Company of New York collects information on the retail prices of books. In 2000, the mean retail price of agriculture books was $66.52. This year's retail prices for 46 randomly selected agriculture books resulted in a mean of $63.88, If the standard deviation of prices for this year's agriculture books is $8.45, test the claim at 10% significance level that this year's mean retail price of agriculture books has changed from the 2000 mean? a) State the hypotheses. H_0: _____ H_A: _____ b) Calculate the test statistic (z OR t*) Test Statistic_____ c) Find the p-value (using z and z-table) OR the critical value(using alpha and t-table). d Compare p-value and a OR draw/shade/label the curve. e) Make a decision: Reject H_0 OR Reject H_a f) Write statement:_____

Explanation / Answer

a) H0: µ = 66.52
HA:µ66.52

b) z = (x - µ)//sqrt(n) = (63.88 - 66.52)/8.45/sqrt(46) = -2.11898

c) This is a two tailed test, p = 0.03409, = 0.1

d) p <

e) Reject H0

f) The result is significant at p < 0.10. There is sufficient evidence to suggest that the mean of agricultural book for the current year is not equal to $66.52

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