Formulate hypothesis to determine the mean price

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Reference no: EM131456509

Question: The cost of a or VS2 clarity. H color diamond from Diamond Source USA is $5600 (Diamond Source website. March 2003). A mid western jeweler makes calls to contacts in the diamond district of New York City to see whether the mean price of diamonds there differs from $5600.

a. Formulate hypotheses that can be used to determine whether the mean price in New York City differs from $5600.

b. A sample of 25 New York City contacts provided the prices shown in the file named Diamonds. What is the p-value?

c. At α = .05. can the null hypothesis be rejected? What is your conclusion?

d. Repeat the preceding hypothesis test using the critical value approach.

Reference no: EM131456509

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