Exxon is claiming that the cost of a barrel of oil is $50. They sampled 200 barrels of oil. Using a significance level of .05:

Step 4: Formulate the decision rule.

a. Reject H0 if -1.64 > z > 1.64

b. Reject H0 if -196 > z > 1.96

c. Reject H0 if -2.58 > z > 2.58

d. Reject H0 if z > 1.96

 

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