Which is cheaper: eating out or dining in? The mean cost of a steak, salad, and rice bought at the grocery store is $13.04. A sample of 30 neighborhood restaurants showed a mean price of $12.15 and a standard deviation of $2 for a comparable restaurant meal. 1.1) Develop appropriate hypotheses for a test to determine whether the sample data support the conclusion that the mean cost of a restaurant meal is less than $13.04. 1.2) At alpha = 0.05, what is your conclusion? Show a detailed solution to support your conclusion.
Which is cheaper: eating out or dining in? The mean cost of a steak, salad, and rice bought at the grocery store is $13.04. A sample of 30 neighborhood restaurants showed a mean price of $12.15 and a standard deviation of $2 for a comparable restaurant meal. 1.1) Develop appropriate hypotheses for a test to determine whether the sample data support the conclusion that the mean cost of a restaurant meal is less than $13.04. 1.2) At alpha = 0.05, what is your conclusion? Show a detailed solution to support your conclusion.
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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Which is cheaper: eating out or dining in? The mean cost of a steak, salad, and rice bought at the grocery store is $13.04. A sample of 30 neighborhood restaurants showed a mean price of $12.15 and a standard deviation of $2 for a comparable restaurant meal.
1.1) Develop appropriate hypotheses for a test to determine whether the sample data support the conclusion that the mean cost of a restaurant meal is less than $13.04.
1.2) At alpha = 0.05, what is your conclusion? Show a detailed solution to support your conclusion. (Find p-values at: https://www.socscistatistics.com/pvalues/tdistribution.aspx)
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