selling prices for 230 diamonds evaluated by two different diamond agencies (GLA
ID: 3126982 • Letter: S
Question
selling prices for 230 diamonds evaluated by two different diamond agencies (GLA and HRD) were collect and the data was analyzed using the Microsoft Excel Data Anlaysis Toolpak. The following results were generated in Excel inputing alpha 05 in the Excel dialog box. Based on these Microsoft Excel Data Analysis results, if the the hypothesis test is testing "whether the mean retail sales price of GIA is less than the mean retail sales price of HRD:" the conclusion of this hypothesis test based on a .05 level of significance is: A. Since the decision rule is if z-test statistic 1.645, the test statistic -4.46 indicates the null hypothesis should not be rejected at the .05 level of significance, indicating there is not sufficient evidence to suggest the mean retail selling price of GLA is less than the mean retail selling price of HRD.Explanation / Answer
P(Z<z) is almost zero
Critical value -1.65
Calcuatled test statistic t = -4.46
Since pvalue is very low we reject Ho and conclude that mean of price of GIA is less than mean price of HRD
B is the answer
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