Test the hypothesis for average price

Reference no: EM1397098

The average prices for a product in twelve stores in a city are shown below.

$1.99, $1.85, $1.25, $2.55, $2.00, $1.99, $1.76, $2.50, $2.20, $1.85, $2.75, $2.85

Test the hypothesis that the average price is higher than $1.87. Use level of significance α = 0.05.

Reference no: EM1397098

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