Perform the last step in the hypothesis test

Reference no: EM1320193

Question: The R.R. Broker Company of New York collects information on the retail prices of books and publishes its findings in The Broker Annual Library and Book Trade Almanac, In 2000, the mean retail price of all history books was USD 51.46. This year's retail prices for 40 randomly selected history books are shown in the table below.

56	46.25	47.34	53.99
53.71	47.88	54.82	55.73
51	61.70	47.03	62.68
47.80	50.89	52.36	50.95
51.28	50.94	60.70	72.38
47.70	56.16	52.33	51.70
53.8	50.90	63.74	52.87
41.08	64.93	57.44	54.09
75.37	56.48	69.04	42.71
53.76	72.17	61.26	42.65

At the 5% significance level, do the data provide sufficient evidence to conclude this year's mean retail price of all history books has increased from the 2000 mean of USD 51.46?

[A] Perform the last step in the hypothesis test. Do you reject the null hypothesis or fail to reject the null hypothesis?
[B] According to your conclusion in step b, do the data provide significant evidence to conclude that this year's mean price of all history books has increased from the 2000 mean of USD 51.46?
[C] What type of test is this? Right-tailed, Left-tailed, or two-tailed? Which table will you use to find the critical value? What is the critical value for this hypothesis test?

Reference no: EM1320193

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