Assume you are going to take a trip to paris. you buy euros at your local bank or the airport. then you start spending them once you are in paris. every time you buy something there, you explicitly or implicitly translate the euro price into dollar. you might say to yourself, "how can parisians afford such high prices? " what is wrong with this line of reasoning? explain. (hint: consider what currency do parisians earn their money? )

Which is cheaper: eating out or dining in? the mean cost of a flank steak, broccoli, and rice bought at the grocery store is $13.04 (money.msn website, november 7, 2012). a sample of 100 neighborhood restaurants showed a mean price of $12.75 and a standard deviation of $2 for a comparable restaurant meal. a. develop appropriate hypotheses for a test to determine whether the sample data support the conclusion that the mean cost of a restaurant meal is less than fixing a comparable meal at home. b. using the sample from the 100 restaurants, what is the p-value? c. at a = .05, what is your conclusion? d. repeat the preceding hypothesis test using the critical value approach