Exhibit 9-8 The Average Gasoline Price of One of the Major Oil

question 114

Multiple Choice

Exhibit 9-8
The average gasoline price of one of the major oil companies in Europe has been $1.25 per liter. Recently, the company has undertaken several efficiency measures in order to reduce prices. Management is interested in determining whether their efficiency measures have actually reduced prices. A random sample of 49 of their gas stations is selected and the average price is determined to be $1.20 per liter. Furthermore, assume that the standard deviation of the population ( ) is $0.14.
-Refer to Exhibit 9-8. The p-value for this problem is

• A)0.4938
• B)0.0062
• C)0.0124
• D)0.05

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Definitions:

Territorial Evaluation

The process of assessing and analyzing the geographical areas or regions in which a business operates to determine market potential, competition, and customer demographics.

Performance Standards

Benchmarks or specific criteria used to measure and evaluate the effectiveness and efficiency of an employee's performance or a company's operations.

Market Audit

An in-depth and systematic examination of a market to understand its dynamics, trends, and opportunities.

Formal Route Designs

Predetermined, structured paths or plans designed for logistical purposes, often in the context of distribution or transportation.