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Economics and Finance

The price of coffee has been steadily declining since October 2012. The International Coffee Organization (ICO) reported that the mean price for coffee in May 2013 was 126.96 U.S. cents/lb.20 A random sample of 34 days was obtained and the composite indicator for Brazilian Natural coffee was recorded for each. The sample mean was x^‾= 130.29.

Assume the population standard deviation is 8.6 U.S. cents/lb. Is there any evidence to suggest that the mean composite indicator for Brazilian Natural is greater than 126.96? Use a = 0.05. Write a Solution Trail for this problem.

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Category:- Statistics and Probability
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