Running shoes from major manufacturers this Fall have a population mean price of $85.93. Twelve Nike shoes this Fall have a sample mean price of $96.25 with a standard deviation of $18.36. For a two tail hypothesis test at an alpha a of 0.10 is this price difference significant?
|Statistic or Parameter||Symbol||Equations||Excel|
|Calculate a t-statistic (tstat)||t|
|Calculate t-critical for a two-tailed test||tc||=TINV(a,df)|
|Calculate t-critical for a one-tailed test||tc||=TINV(2*a,df)|
|Calculate a p-value from a t-statistic||p||= TDIST(ABS(tstat),df,#tails)|
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