The cost of a daily newspaper varies from city to city. However, the variation among prices remains steady with a population standard deviation of $0.20. A study was done to test the claim that the mean cost of a daily newspaper is $1.00. Twelve costs yield a mean cost of $0.93 with a standard deviation of $0.18. Do the data support the claim at the 1% level?

Yes, there is sufficient evidence to support the claim that the mean cost is  $1.

Step-by-step explanation:

Data Given:

The population standard deviation = $0.2

The sample mean cost = $0.93

The sample size n = 12

From above we can use the Z-test for testing the mean from the above given data.

To check whether the mean cost of newspaper is $1.00

: = $1

:   $1

The test statistics Z =

Z =

Z = -1.212

The P-value = 2P (Z< - 1.212)

= 2 × 0.1128

= 0.2256

Since the value of P is more than the significance level; do not reject the

Conclusion: We therefore conclude that there is sufficient evidence to support the claim that the mean cost is  $1.

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