Reference no: EM13375258
Instructions: Perform the 5-step hypothesis testing procedure
HERE ARE THE STEPS THAT NEED TO BE FOLLOWED & THE RAW DATA IS BELOW
Hypothesis Testing Steps
1. The five-step process for hypothesis testing:
1. State the null and alternative hypotheses
2. Find the level of significance
a. .01 = scientific research
b. .05 = consumer and product research
c. .10 = political polling
3. Calculate the test statistic
a. One-tailed tests
b. Two-tailed tests
c. Diagram rejection regions
4. Reject or accept the null hypothesis
5. Interpret statistical decision in terms of the stated problem
RAW DATA IS BELOW:The data below represents the results of the unleaded gas prices for various stations for BP and Shell companies. The prices were collected from fuelmeup.com for Minneapolis MN, Knoxville TN, Baltimore MD, Atlanta GA, andronx NY.
|
Station - Location
|
Gas Company
|
Price for Unleaded Gas
|
|
Kenjo Market #30 - Knoxville, TN
|
BP
|
3.629
|
|
Aztex #107 - Knoxville, TN
|
BP
|
3.669
|
|
Kingston Pike BP - Knoxville, TN
|
BP
|
3.699
|
|
Penn BP - Minneapolis, MN
|
BP
|
3.759
|
|
Plymouth BP - Minneapolis, MN
|
BP
|
3.779
|
|
3rd & Franklin BP - Minneapolis, MN
|
BP
|
3.799
|
|
Key Highway BP - Baltimore, MD
|
BP
|
3.839
|
|
BP - Atlanta, GA
|
BP
|
3.839
|
|
BP - Atlanta, GA
|
BP
|
3.849
|
|
BP Connect - Atlanta, GA
|
BP
|
3.859
|
|
Stadium BP - Baltimore, MD
|
BP
|
3.869
|
|
Franklin BP - Baltimore, MD
|
BP
|
3.879
|
|
BP - Bronx, NY
|
BP
|
4.119
|
|
BP - Bronx, NY
|
BP
|
4.139
|
|
Phil Menna - Bronx, NY
|
BP
|
4.159
|
|
Harriman Oil Co - Knoxville, TN
|
Shell
|
3.639
|
|
Coffman Oil Co - Knoxville, TN
|
Shell
|
3.659
|
|
Favorite Markets - Knoxville, TN
|
Shell
|
3.669
|
|
Perfect Carwash #505
|
Shell
|
3.799
|
|
Perimeter Oil Co - Atlanta, GA
|
Shell
|
3.809
|
|
Perfect Carwash #504
|
Shell
|
3.809
|
|
SMO Inc - Baltimore, MD
|
Shell
|
3.909
|
|
Eddiez C W - Minneapolis, MN
|
Shell
|
3.909
|
|
Ten Hills Service - Baltimore, MD
|
Shell
|
3.939
|
|
All Star Petroleum Inc - Atlanta, GA
|
Shell
|
3.969
|
|
Shell - Baltimore, MD
|
Shell
|
3.979
|
|
Perimeter Oil Co - Atlanta, GA
|
Shell
|
4.009
|
|
Vincent Manna - Bronx, NY
|
Shell
|
4.169
|
|
Taner Auto Serv Inc - Bronx, NY
|
Shell
|
4.199
|
|
Ralphs Food Mart - Bronx, NY
|
Shell
|
4.229
|
The table reveals that the prices for gas at BP stations are generally lower than the Shell stations. The data collected for these cities indicate the lowest price for regular unleaded is at a BP station in Knoxville TN, and the highest price is at a Shell station in Bronx NY.