The average gasoline price of one of the major oil companies has been $2.20 per gallon. Because of cost reduction measures, it is believed that there has been a significant reduction in the average price. In order to test this belief, we randomly selected a sample of 36 of the company's gas stations and determined that the average price for the stations in the sample was $2.14. Assume that the standard deviation of the population (s) is $0.12.
a.
State the null and the alternative hypotheses.
b.
Compute the test statistic.
c.
What is the p-value associated with the above sample results?
d.
At 95% confidence, test the company's claim.
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