A personal fitness produces both a deluxe and a standard model of a smoothie blender for home use. Selling prices obtained from a sample of retail outlets follow. Excel File: data10-27.xlsx Model Price ($) Retail Outlet Deluxe Standard 1 39 27 2 39 28 3 45 35 4 38 30 Model Price ($) Retail Outlet Deluxe Standard 5 40 30 6 39 34 7 35 29 Round your answers to 2 decimal places. a. The manufacturer's suggested retail prices for the two models show a $10 price differential. Use a 0.05 level of significance and test that the mean difference between the prices of the two models is $10 . b. What is the 95% confidence interval for the difference between the mean prices of the two models?
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For the Deluxe model, the prices are $30, $28, and $35. The mean price is therefore ($30 + $28 + $35) / 3 = $31. For the Standard model, the prices are $39, $39, and $29. The mean price is therefore ($39 + $39 + $29) / 3 = $35.67. The difference between the Show more…
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