PLEASE BE SPECIFIC THANKS Use this information to do question #1 The prices (in

Question

PLEASE BE SPECIFIC THANKS

Use this information to do question #1

The prices (in USD) for a particular digital camera model are shown here for 10 randomly selected online retailers. Assume a normal distribution.

225 240 215 206 211 210 193 250 225 202

A) Calculate the sample mean.

B) Calculate the sample standard deviation.

C) Estimate the mean price for this particular model using a 95% confidence interval.

D) Using the p-val test, is there enough evidence to claim that the average price for this particular model is cheaper through online retailers when compared with traditional stores where the average price for this model is $250?

Explanation / Answer

A) sample mean=217.7

B) std deviation =17.4868

C) for 95% CI,and 9 degree of freedom ; t=2.262

hence 95% confidence interval =sample mean -/+ t*std error =205.1907 ; 230.2093

d)here test stat t=(X-mean) /std error =(217.7-250)/5.5298 =-5.8411

for above test stat at 9 degree of freedom p value =0.0001

as p value is significantly low ; we reject null hypothesis and conclude that the average price for this particular model is cheaper through online retailers when compared with traditional stores where the average price for this model is $250

X 225 240 215 206 211 210 193 250 225 202 mean(X) 217.700 std deviation(S) 17.4868 std error =S/(n)1/2 5.5298

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