The cost of a one-carat VS2 clarity, H color diamond from Diamond Source USA is $5600. A midwestern jeweler makes calls to contacts in the diamond district of New York City to see whether the mean...

The  cost  of  a  one-carat  VS2  clarity,  H  color  diamond  from  Diamond  Source  USA  is  $5600.  A midwestern  jeweler  makes  calls  to  contacts  in  the  diamond  district  of  New  York  City  to  see whether the mean price of diamonds there differs from $5600. Formulate hypotheses that can be used to determine whether the mean price in New York City differs from $5600. A sample of 25 New  York  City  contacts  provided  the  prices  shown  in  the  table  in  the spreadsheet “Diamonds”. At a level of significance of 0.01, can the null hypothesis be rejected?



Show  the  complete  8-step  procedure  and  use  both  the  critical  value  approach  and  p-value


approach.

Prices
4620
6210
5150
5250
4840
6320
5450
5620
6140
5850
5640
6575
5940
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5825
5820
6850
6010
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6330
5990
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6360
5300