Question

Question Help The price of a certain combo meal at different franchises of a national fast food company varies from $5.00 to $17.36 and has a known standard deviation of $2.29. A sample of 26 students in an online course that includes students across the country stated that their average price is $6.00. The students have also stated that they are generally unwilling to pay more than $6.75 for this meal. Formulate and conduct a hypothesis test to determine if you can conclude that the population mean is less than $6.75. 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 $6.75? Determine the null hypothesis, Ho, and the alternative hypothesis, H. (Type integers or decimals. Do not round.) Compute the test statistic. (Round to two decimal places as needed.) Find the p-value for the test. (Round to three decimal places as needed.) State the conclusion The p-value is the chosen value of a, so the null hypothesis. There is evidence to conclude that the population mean is less than $6.75