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Business, 30.03.2020 18:42 marissarsmith8205

The price of a certain combo meal at different franchises of a national fast food company varies from $5.00 to $17.33 and has a known standard deviation of $2.18. A sample of 27 students in an online course that includes students across the country stated that their average price is $5.50. The students have also stated that they are generally unwilling to pay more than $6.25 for this meal. Formulate and conduct a hypothesis test to determine if you can conclude that the population mean is less than $6.25. Use a level of significance of 0.01. Is there sufficient evidence at the 0.01 level of significance that the population mean is less than $6.25?

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