H0: The average price is the same x1=x2
H1: x1 is greater than x2; the average price of Hmart is greater than the average price of Happy Market.
Perform the relevant hypothesis test.
The excel file contains the relevant data.
Please see the attachments.
We are provided with the price list of same items in HMART and HAPPY MARKET. The descriptive statistics of data set is as follows.
HMART (PRICE) HAPPY MARKET (PRICE)
Mean 2.545111111 2.651555556
Standard Error 0.39325585 0.43172428
Median 1.79 1.79
Mode 1.99 0.99
Standard Deviation 2.638040442 2.896094514
Sample Variance 6.959257374 8.387363434
Kurtosis 8.618063356 8.473469653
Skewness 2.823555563 2.866782567
Range 13.4 13.8
Minimum 0.59 0.49
Maximum 13.99 14.29
Sum 114.53 119.32
Count 45 45
From the table above it I clear that the average price of items at HMART is $2.55 and that of …
The solution provides step by step method for the calculation of testing of hypothesis. Formula for the calculation and Interpretations of the results are also included.