Question

the results below are based on data collected as part of a student project for an introductory statistics class at uf. if there is more than one group/treatment, the first group mentioned is group 1. data was collected at two local bookstores to determine if the average price of new textbooks was significantly lower at an independent bookstore than at the uf bookstore. the p-value was 0.00, and the 95% confidence interval was ( -11.98, -4.52). the students selected textbooks at random from the online list of books required for uf courses. then the price for each book was found at both stores. this problem is about

Answer 1

The average price of new textbooks at the independent bookstore was significantly lower than at the UF bookstore.

Step-by-step explanation

The collected data, analyzed through statistical methods, revealed a statistically significant difference in the average prices of new textbooks between the independent bookstore and the UF bookstore.

The p-value of 0.00 suggests strong evidence against the null hypothesis, indicating a substantial distinction in prices. The 95% confidence interval (-11.98, -4.52) further supports this, indicating that the average price difference lies within this range.

This outcome implies that, on average, students could save between $4.52 and $11.98 per textbook by purchasing from the independent bookstore rather than the UF bookstore. The study's methodology, including random selection from the UF course book list, strengthens the credibility of the findings.

The results underline the potential cost-saving advantage for students by opting for the independent bookstore for purchasing new textbooks.