The Economist collects data each year on the price of a Big Mac in various countries around the world. A sample of McDonald's restaurants in Europe in July 2016 resulted in the following Big Mac...

The Economist collects data each year on the price of a Big Mac in various countries around the world. A sample of McDonald's restaurants in Europe in July 2016 resulted in the following Big Mac prices (after conversion to U.S. dollars).

4.43

3.14

2.40

3.97

4.36

4.49

4.19

3.71

4.61

3.79

3.37

3.86

The mean price of a Big Mac in the U.S. in July 2016 was $5.04. For purposes of this exercise, assume it is reasonable to regard the sample as representative of European McDonald's restaurants. Does the sample provide convincing evidence that the mean July 2016 price of a Big Mac in Europe is less than the reported U.S. price? Test the relevant hypotheses using

α = 0.05.
State the appropriate null and alternative hypotheses.

H0: μ > 5.04

Ha: μ <>

H0: μ = 5.04

Ha: μ <>

H0: μ <>

Ha: μ > 5.04

H0: μ = 5.04

Ha: μ > 5.04

H0: μ = 5.04

Ha: μ ≠ 5.04
Find the test statistic and P-value. (Use technology to calculate the P-value. Round your test statistic to one decimal place and your P-value to three decimal places.)

t

=



P-value

=