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Is there a difference in the prices at a warehouse club such as Costco and store brands? To investigate this a random sample of 10 purchases was selected, and the prices were compared

Is there a difference in the prices at a warehouse club such as Costco and store brands? To investigate this, a random sample of 10 purchases was selected, and the prices were compared. (Data extracted from “Shop Smart and Save Big,” Consumer Reports, May 2009, p. 17.) The prices for the products are stored in . a. At the 0.05 level of significance, is there evidence of a difference between the mean price of Costco purchases and store-brand purchases? b. What assumption is necessary about the population distribution in order to perform this test? Shopping1 Measurement 10.3 Comparing the Proportions of Two Independent Populations 385 c. Construct a 95% confidence interval estimate of the mean difference in price between Costco and store brands. Interpret the interval. d. Compare the results of (a) and (c).

Jun 20 2020 View more View Less

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