The average gasoline price of one of the major oil companies has been $3.00 per gallon. Because of shortages in production of crude oil, it is believed that there has been a significant INCREASE in the average price. In order to test this belief, we randomly selected a sample of 36 of the company's gas stations and determined that the average price for the stations in the sample was $3.06
Assume that the standard deviation of the population (?) is $0.09.
a. State the null and alternative hypotheses.
b. Test the claim at ? = .05.
c. What is the p-value associated with the above sample results
a. H0: µ ? 3
Ha: µ > 3
b. z = 4; therefore, reject H0 . There is sufficient evidence at ? = .05 to conclude that there has been an increase in the average price.
c. less than .001
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