The average price x is determined to be 120 per liter what

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Reference no: EM13471298

The average gasoline price (µ) of one of the major oil companies in Europe has been $1.25 per liter with a population standard deviation of the population (σ) of $0.14. Recently, the company has undertaken several efficiency measures in order to reduce prices. 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 (x¯) is determined to be $1.20 per liter. What formula would you use to determine whether the new efficiency measures were effective? (a = 0.05)

F = s12 ÷ s22

t = (x¯ - μx-bar) ÷ s/√n

z = (x¯ - μx-bar) ÷ σ/√n

y = b0 + b1x

Reference no: EM13471298

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