Reference no: EM132522603

Although your product, a word game, has a list price of $12.95, each store is free to set the price as it wishes. You have just completed a quick survey, and the marked prices at a random sample of stores that sell the product were as follows: $12.95, 9.95, 8.95, 12.95, 12.95, 9.95, 9.95, 9.98,13.00,9.95

a) Estimate the mean selling price you would have found had you been able to survey all stores selling your product.

b) for a typical store, approximately how different is the actual selling price from the average.

c) your marketing department believes that the games generally sell at a mean discount of 12% from the list price. Identify the hypotheses you would work with to test the population mean selling price against this belief.

d) Test the hypotheses from part c.