We are interested in comparing the mean supermarket prices o…
We are interested in comparing the mean supermarket prices of two leading colas in the Columbus area. Assume that we have independent random samples of prices of six-packs at 8 supermarkets. The data are shown in the following table: Supermarket Brand 1 Brand 2 1 $2.25 $2.30 2 2.47 2.45 3 2.38 2.44 4 2.27 2.29 5 2.15 2.25 6 2.25 2.25 7 2.36 2.42 8 2.37 2.40 _______________________________________ Mean $2.3125 $2.3500 Standard deviation $0.1007 $0.0859 _______________________________________ Find the point estimate for the difference in mean price of Brand 1 and Brand 2, assuming that these are independent random samples.