Hypothesis testing-average gasoline price

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Reference no: EM13108840

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. The 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.

1. Formulate the hypothesis

2. Calculate the p-value

3. What is the conclusion

Reference no: EM13108840

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