Suppose a study reports that the average price for a gallon of self-serve regular unleaded gasoline is $3.16. You believe that the figure is higher in your area of the country. You decide to test this claim for your part of the United States by randomly calling gasoline stations. Your random survey of 25 stations produces the following prices (all in $). Assume gasoline prices for a region are normally distributed. Do the data you obtained provide enough evidence to reject the claim? Use a 1% level of significance.
3.27 3.29 3.16 3.20 3.37
3.20 3.23 3.19 3.20 3.24
3.16 3.07 3.27 3.09 3.35
3.15 3.23 3.14 3.05 3.35
3.21 3.14 3.14 3.07 3.10
Where do CFOs get their money news? According to Robert Half International, 47% get their money news from newspapers, 15% get it from communication/colleagues, 12% get it from television, 11% from the Internet, 9% from magazines, 5% from radio, and 1% do not know. Suppose a researcher wants to test these results. She randomly samples 67 CFOs and finds that 40 of them get their money news from newspapers. Does the test show enough evidence to reject the findings of Robert Half International? Use a = .05.
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