Q3 Gasoline prices reached record high levels in 16 countries during 2007Two of the affected countri

Q3 Gasoline prices reached record high levels in 16 countries during 2007Two of the affected countries were India and China The Global Automobile Association reported a sample mean price of $204 per gallon in India and sample mean price of $172 per gallon in China Use a sample size of 40 for India data and a sample size of 35 for China data Assume that prior studies indicate a population standard deviation of 010 in India and 008 in China

1 What is a point estimate of the difference between the population mean prices per gallon in India and China?

2 What is the 95% confidence interval estimate of the difference between the population mean prices per gallon in the two countries?

3 Formulate null and alternate hypotheses and test whether there is significant difference between the means of the two samples Use 05 level of significance