Find value of test statistic for hypothesis test and p-value

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Reference no: EM13129853

The average gasoline price of one of the major oil companies in Europe has been $1.25 per liter. Recently, the company has undertaken several efficiency measures in order to reduce prices. Management is interested in determining whether their efficiency measures have actually reduced prices. A random sample of 49 of their gas stations is selected and the average price is determined to be $1.20 per liter. Furthermore, assume that the standard deviation of the population is $0.14. The value of the test statistic for this hypothesis test and the p-value respectively are?

Reference no: EM13129853

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