Betty's Bargain Bags sells gently used, pre-owned designer handbags. On its website, it compares the manufacturer's suggested retail price (MSRP) for new designer handbags to the Betty's price for its handbags. In this example, customers' price sensitivity should be as compared to situations in which customers cannot easily compare prices. lower about the same higher none of the above

Which is cheaper: eating out or dining in? the mean cost of a flank steak, broccoli, and rice bought at the grocery store is $13.04 (money. msn website, november 7, 2012). a sample of 100 neighborhood restaurants showed a mean price of $12.75 and a standard deviation of $2 for a comparable restaurant meal. a. develop appropriate hypotheses for a test to determine whether the sample data support the conclusion that the mean cost of a restaurant meal is less than fixing a comparable meal at home. b. using the sample from the 100 restaurants, what is the p-value? c. at a = .05, what is your conclusion? d. repeat the preceding hypothesis test using the critical value approach