A manufacturer produces both a deluxe and a standard model of an automatic sander designed for home use. Selling prices obtained from a sample of retail outlets follow.
Retail Outlet
Deluxe Model Price ($)
Standard Model Price ($)
1
40
27
2
39
28
3
43
35
4
38
31
5
30
6
32
7
36
29
The manufacturer's suggested retail prices for the two models show a $10 price differential. Use a .05 level of significance and test that the mean difference between the prices of the two models is $10. Develop the null and alternative hypotheses. Calculate the value of the test statistic. If required enter negative values as negative numbers. (to 2 decimals). 10.00 The p-value is Can you conclude that the price differential is not equal to $10? What is the 95% confidence interval for the difference between the mean prices of the two models (to 2 decimals)? ( , )