You want to buy a specific computer. A sales representative of the manufacturer claims that retail stores sell this computer at an average price of $1,249 with a very narrow standard deviation of $25. You find a website that has a price comparison for the same computer at a series of stores as follows: $1,260; $1,240.99; $1,225.08,1,250.1;1,224.95; 1,229,99; 1,235.95; 1,249. Can you argue that pricing has a lower standard deviation than claimed by the manufacturer? Use the 5% significance level. As a potential buyer, what would be the practical conclusion from your analysis?
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