The average gasoline price of one of the major oil companies in Europe has been $1.25 per liter. 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 is determined to be $1.20 per liter. Furthermore, assume that the standard deviation of the population () is $0.14.

1. At the 0.05 level of confidence, what is the correct statistical decision?

a. Reject the null hypothesis
b. Fail to reject the null hypotheses
c. Accept the null hypothesis
d. Cannot make a statistical decision with this information

The p-value for this problem is:

a. 0.4938
b. 0.0062
c. 0.0124
d. 0.05

1. Option A) Reject the null hypothesis      

2. Option B)  0.0062

Step-by-step explanation:

We are given the following in the question:

1. Population mean, μ = $1.25 per liter

Sample mean, = $1.20 per lite

Sample size, n = 49

Alpha, α = 0.05

Population standard deviation, σ = $0.14

First, we design the null and the alternate hypothesis

We use one-tailed z test to perform this hypothesis.

Formula:

Putting all the values, we have

Now,

Since,  

We reject the null hypothesis and accept the alternate hypothesis.

Option A) Reject the null hypothesis

Thus, there is enough evidence to support the claim that efficiency measures have reduced the prices.

2. We can calculate the p value from the standard table.

P-value = 0.0062

Option B)  0.0062

y < -3

step-by-step explanation:

-3y - 2 > 7

-3y -2 + 2 > 7+2

-3y > 9

-3y/-3 < 9/-3   (change the inequality sign when multiplying or dividing by a negative number)

y < -3

step-by-step explanation:

i think something is missing in your question because y-1=(x-12) would not pass through the point (-4,-3). because if you replace x by -4 your are supposed to find y=-3 which is not the case her. if you replace x by -4 you find =-15.

i assume the right equation is y-1=1/4*(x-12) because this one is passing through both your points (if you are interested to know how i found that out i can tell you).

in this equation if i replace x by -4 i find y=-3 and if i replace x by 12, i find y=1 so the line representing this equation is passing through those 2 points.

then the standard form of the equation is finding an expression of y in function of x

y-1=1/4*(x-12)

y=x/4-3+1

y=x/4-2

hope that .

do you confirm there was a mistake in the question?