5. The mean price of shoes in a store is $120. A sample of 36 pairs of shoes was selected and had a mean of $116 with standard deviation $12 at 0.01 level of significance. Test if the mean of all shoes is different than $120.
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Step 1: We are given that the population mean is $\mu = 120$, the sample mean is $\bar{x} = 116$, the sample standard deviation is $s = 12$, and the sample size is $n = 36$. Show more…
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