Estimate the mean savings realized by shoppers

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A marketing researcher wants to estimate the mean savings ($) realized by shoppers who showroom. Showrooming is the practice of inspecting products in retail stores and then purchasing the products online at a lower price. A random sample of 100 shoppers who recently purchased a consumer electronics item online after making a visit to a retail store yielded a mean savings of $58. Is there evidence that the population mean savings for all showroomers who purchased a consumer electronics item is different from $50 when the population standard deviation is known as $55? (Use a 0.05 level of significance.)

Reference no: EM132384896

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