N of observation
Price per liter of gasoline, EUR
1
1.8
2
1.66
Exercise 3
(40 points)
3
1.73
The prime minister of one european country said that the average gasoline price in his country is 1.7 EUR.
4
1.76
His opponents claim that the true (population) gasoline price is higher than 1.7 EUR due to elevated inflation.
5
1.82
Assume the population standard deviation is known and it is 0.06 EUR.
6
1.78
Test the null hypothesis that the population average (mu) gasoline price is 1.7
7
1.7
against one-sided alternative that population average gasoline price is bigger than 1.7 EUR.
8
1.75
Use alpha=0.01 and critical value approach.
9
1.82
Interpret the result in 1-2 sentences.
10
1.83
11
1.82
12
1.85
13
1.78
14
1.68
15
1.82
16
1.71
17
1.82
18
1.67
19
1.8
20
1.74
21
1.69
22
1.65
23
1.77
24
1.74
25
1.78
26
1.67
27
1.76
28
1.8
29
1.78
30
1.74
31
1.69
32
1.83
33
1.72
34
1.76
35
1.82
36
1.74