(Answered) The cost of a one-carat vs2 clarity h color diamond from

Statistics

The cost of a one-carat VS2 clarity, H color diamond from Diamond Source USA is $5600 ( Diamond Source website, March 2003). A midwestern jeweler makes calls to contacts in the diamond district of New York City to see whether the mean price of diamonds there differs from $5600.

a. Formulate hypotheses that can be used to determine whether the mean price in New York City differs form $5600.

b. A sample of 25 New York City contacts provided the prices shown here: 4620; 6210; 5150; 5250; 4840; 6320; 5450; 5620; 6140; 5850; 5640; 6575; 5940; 5850; 5825; 5820; 6850; 6010; 5960; 5980; 6330; 5990; 5995; 6360; 5300. What is the p-value?

c. At a = .05, can the null hypothesis be rejected? What is your conclusion?

d. Repeat the preceding hypothesis test using the critical value approach.

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