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The manufacturer of an MP3 player wanted to know whether a 10% reduction in price is enough to increase the sales of its product. To investigate, the owner randomly selected eight outlets and sold the MP3 player at the reduced price. At seven randomly selected outlets, the MP3 player was sold at the regular price. Reported below is the number of units sold last month at the regular and reduced prices at the randomly selected outlets. Assume the population variances are equal. Hint: The reduced price is considered population 1.
Regular price 138 126 92 118 143 126 96
Reduced price 138 139 92 118 143 126 96 125
Click here for the Excel Data File
At the 0.01 significance level, can the manufacturer conclude that the price reduction resulted in an increase in sales?
b. Compute the test statistic. (Round your answers to 2 decimal places.)
c. Compute the p-value. (Round your answer to 4 decimal places.)
Sagot :
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