Assume a study reports that average price for gallon of self-serve regular unleaded gasoline is $3.16. You think that the figure is higher in your area of country. You decide to test this claim for your part of United States by randomly calling gasoline stations. Your random survey of 25 stations produces the following prices (all in $). Suppose gasoline prices for region are normally distributed.
Did the data you obtained provide enough evidence to reject the claim? Employ a 1% level of significance.
Ensure you clearly state both the null and the alternative hypotheses in full sentences. Following your computation, clearly state the conclusion in the same manner (do not simply say "accept/reject null") and explain how you arrived at this conclusion (based on which metrics).
3.27
3.29
3.16
3.2
3.37
3.3
3.33
3.19
3.3
3.34
3.16
3.27
3.27
3.09
3.35
3.15
3.23
3.14
3.05
3.35
3.21
3.14
3.14
3.07
3.1