Hypothesis test for difference between two means

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Reference no: EM1311930

Hypothesis test for difference between two means:

A manufacturer produces both a deluxe and a standard model of an automatic vehicle designed for home use. Selling prices obtained from a sample of retail outlets follow.

Model Price ($)			Model Price ($)
Retail Outlet	Deluxe	Standard	Retail Outlet	Deluxe	Standard
1	39	27	5	40	30
2	39	28	6	39	34
3	45	35	7	35	29
4	38	30

a) The manufacturer's suggested retail prices for the two models show a $10 price per ferential. 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?

Reference no: EM1311930

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