A newspaper article discussed the opening of a whole Foods Market in the Time-Wa

Question

A newspaper article discussed the opening of a whole Foods Market in the Time-Warner building in New York City. The following data(stored in the file Wholefoods1)compared the prices of some kitchen staples at the new Whole Foods market and at the Fairway supermarket located about 15 blocks from Time-Warner building;

a. At the 0,01 level of significance, is there evidence that the mean price is higher at Whole Foods market than at the Fairway supermarket and also interpret the meaning of the p-value in a.

Explanation / Answer

In this case, we can tell with 99% certianty that the mean price at Whole food market is higher than at the Fairway supermarket. The reason for this is our a=0.01 To calculate our P-value we use the equation 1-a 1-0.01=.99 Therefore this gives us our 99% confidence that our findings are statistically significant. Hope this helps

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