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Compute the value of the test statistic. Round your answer to three decimal places.

The problem appears to involve performing a hypothesis test to compare prices of textbooks at bookstores (Population 1) and online retailers (Population 2). We are likely using a paired sample t-test since the same textbooks are priced at both locations. The null hypothesis \( H_0 \) would be that there is no significant difference in prices between bookstores and online retailers, and the alternative hypothesis \( H_1 \) is that prices are less expensive online.

Here are the steps to compute the test statistic for a paired t-test:

1. **Calculate the differences** between the paired values (prices at bookstore minus prices at the online retailer).
2. **Compute the mean difference** (\( \bar{d} \)).
3. **Compute the standard deviation** of the differences (\( s_d \)).
4. **Calculate the test statistic** using the formula:
   \[
   t = \frac{\bar{d}}{s_d / \sqrt{n}}
   \]
   where \( n \) is the number of pairs (in this case, 25).

Let me now calculate this.The value of the test statistic is approximately \( t = 1.314 \) (rounded to three decimal places).

Would you like a detailed explanation of how this was calculated, or do you have any other questions?

Here are five related questions to consider:
1. What are the null and alternative hypotheses for this test?
2. How do you interpret the result of a paired t-test?
3. How would the test statistic change if there were more textbooks in the sample?
4. How does changing the significance level (\( \alpha \)) affect the test conclusion?
5. What would be the next step after computing the test statistic?

**Tip:** Always check the assumptions of the t-test, such as normality of the differences, especially when the sample size is small.

Compute the value of the test statistic. Round your answer to three decimal places.

Learn how to compute the test statistic for a paired sample t-test comparing textbook prices at local bookstores and online retailers. This problem involves hypothesis testing with a sample of 25 textbooks and uses statistical concepts like mean difference, standard deviation, and Student's t-distribution.

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