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Perform the 5-step hypothesis testing procedure

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Reference no: EM13147159

Instructions: Perform the 5-step hypothesis testing procedure

HERE ARE THE STEPS THAT NEED TO BE FOLLOWED & THE RAW DATA IS BELOW

Hypothesis Testing Steps

 1.     The five-step process for hypothesis testing:

1.    State the null and alternative hypotheses

2.    Find the level of significance

a.    .01 = scientific research

b.    .05 = consumer and product research

c.    .10 = political polling

3.    Calculate the test statistic

a.    One-tailed tests

b.    Two-tailed tests

c.    Diagram rejection regions

4.    Reject or accept the null hypothesis

5.     Interpret statistical decision in terms of the stated problem

RAW DATA IS BELOW:The data below represents the results of the unleaded gas prices for various stations for BP and Shell companies.  The prices were collected from fuelmeup.com for Minneapolis MN, Knoxville TN, Baltimore MD, Atlanta GA, andronx NY.

Station - Location

Gas Company

Price for Unleaded Gas

Kenjo Market #30 - Knoxville, TN

BP

3.629

Aztex #107 - Knoxville, TN

BP

3.669

Kingston Pike BP - Knoxville, TN

BP

3.699

Penn BP - Minneapolis, MN

BP

3.759

Plymouth BP - Minneapolis, MN

BP

3.779

3rd & Franklin BP - Minneapolis, MN

BP

3.799

Key Highway BP - Baltimore, MD

BP

3.839

BP - Atlanta, GA

BP

3.839

BP - Atlanta, GA

BP

3.849

BP Connect - Atlanta, GA

BP

3.859

Stadium BP - Baltimore, MD

BP

3.869

Franklin BP - Baltimore, MD

BP

3.879

BP - Bronx, NY

BP

4.119

BP - Bronx, NY

BP

4.139

Phil Menna - Bronx, NY

BP

4.159

Harriman Oil Co - Knoxville, TN

Shell

3.639

Coffman Oil Co - Knoxville, TN

Shell

3.659

Favorite Markets - Knoxville, TN

Shell

3.669

Perfect Carwash #505

Shell

3.799

Perimeter Oil Co - Atlanta, GA

Shell

3.809

Perfect Carwash #504

Shell

3.809

SMO Inc - Baltimore, MD

Shell

3.909

Eddiez C W - Minneapolis, MN

Shell

3.909

Ten Hills Service - Baltimore, MD

Shell

3.939

All Star Petroleum Inc - Atlanta, GA

Shell

3.969

Shell - Baltimore, MD

Shell

3.979

Perimeter Oil Co - Atlanta, GA

Shell

4.009

Vincent Manna - Bronx, NY

Shell

4.169

Taner Auto Serv Inc - Bronx, NY

Shell

4.199

Ralphs Food Mart - Bronx, NY

Shell

4.229

The table reveals that the prices for gas at BP stations are generally lower than the Shell stations.  The data collected for these cities indicate the lowest price for regular unleaded is at a BP station in Knoxville TN, and the highest price is at a Shell station in Bronx NY. 

Reference no: EM13147159

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