Hypothesis test for difference between two means:
A manufacturer produces both a deluxe and a standard model of an automatic vehicle designed for home use. Selling prices obtained from a sample of retail outlets follow.
|
Model Price ($)
|
Model Price ($)
|
|
Retail Outlet
|
Deluxe
|
Standard
|
Retail Outlet
|
Deluxe
|
Standard
|
|
1
|
39
|
27
|
5
|
40
|
30
|
|
2
|
39
|
28
|
6
|
39
|
34
|
|
3
|
45
|
35
|
7
|
35
|
29
|
|
4
|
38
|
30
|
|
|
|
a) The manufacturer's suggested retail prices for the two models show a $10 price per ferential. Use a 0.05 level of significance and test that the mean difference between the prices of the two models is $10.
b) What is the 95% confidence interval for the difference between the mean prices of the two models?