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A stationery store wants to estimate the mean retail value of greeting cards that it has...

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Basic Math

A stationery store wants to estimate the mean retail value ofgreeting cards that it has in its inventory. A random sample of 100greeting cards indicates a mean value of ​$2.53 and a standarddeviation of ​$0.41 . Complete parts​ (a) and​ (b).

A. Is there evidence that the population mean retail value ofthe greeting cards is different from $2.50 ​? ​(Use a 0.10 levelof​ significance.)

State the null and alternative hypothesis. Identify the criticalvalue(s). Determine the test statistic. What is the conclusion?

B. Determine the p-value and interpret its meaning

Answer & Explanation Solved by verified expert
4.3 Ratings (739 Votes)
Solution Part a Here we have to use one sample t test for the population mean The null and alternative hypotheses are given as below Null hypothesis H0 the population mean    See Answer
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