Problem:
Eric Richardson is an MP who sits on the Agriculture and Agri- Food Committee, and has heard that the price of potato plant starts has risen considerably. The Potato Farmer's Association is very concerned, but all of the evidence so far has been anecdotal. Eric asks your research firm to conduct a survey of potato farmers to see whether the price of potato plant starts has gone up. You have conducted two surveys-the one last year had a sample size of 110 farmers, a mean of $16, and a standard deviation of $1.30. The one you conducted this year has a sample size of 240, a mean of $16.50, and a sample size of $1.25.
1. Perform a hypothesis test asking whether the price of potato starts is different now than it was one year ago.