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...

Extracted text: 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). 4.45 3.17| 2.43 3.94 4.33 4.54 4.18 3.71 4.63 3.81| 3.39 3.86 n USE SALT 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 a = 0.05.


Extracted text: State the appropriate null and alternative hypotheses. O H,: u = 5.04 H: u > 5.04 O H: 4 > 5.04 H: u< 5.04="" o="" h:="" u="5.04" h:="" u="">< 5.04="" o="" h:="" h="5.04" h:="" u="5.04" ο="" h="" ,="">< 5.04="" h:="" u=""> 5.04 Find the test statistic and P-value. (Use technology to calculate the P-value. Round your test statistic to two decimal places and your P-value to four decimal places.) t = P-value = State the conclusion in the problem context. O we fail to reject H,. We have convincing evidence that the mean July 2016 price of a Big Mac in Europe is less than the reported U.S. price. O We reject Hn: We have convincing evidence that the mean July 2016 price of a Big Mac in Europe is less than the reported U.S. price. O we fail to reject H.. We do not have convincing evidence that the mean July 2016 price of a Big Mac in Europe is less than the reported U.S. price. O We reject Hn: We do not have convincing evidence that the mean July 2016 price of a Big Mac in Europe is less than the reported U.S. price.