Statistics: T-test – #29339


Question: The average retail price bananas in 1994 was 47 cents per pounds. Recently, a random sample of 25 markets gave a mean price of 50 cents per pound for bananas with standard deviation of 3.8 cents. Can we conclude that the current mean retail price for bananas is different from the 1994 mean of 47 cents per pound? Assume that the price of banana is approximately normally distributed and use alpha = 0.01. (15 points)

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