(Solved): The labor quotation department at Excabar, a large manufacturing company, wants to verify the accura ...

The labor quotation department at Excabar, a large manufacturing company, wants to verify the accuracy of their labor bidding process (estimated cost per unit versus actual cost per unit). They have randomly chosen 35 product quotations that subsequently were successful (meaning the company won the contract for the product). The accompanying data file shows the results. Let the difference be defined as Estimated - Actual Cost. 1. Specify the competing hypotheses to determine whether there is a difference between the estimated cost and the actual cost. 2. Calculate the value of the test statistic 3. Find the P-Value A.p-value ≤ 0.01 B. 0.01 < p-value ≤ 0.02 C. 0.02 < p-value ≤ 0.05 D. 0.05 < p-value ≤ 0.10 E. p-value > 0.10 4. At the 1% significance level, what is the conclusion? Do/Do not Reject (Choose one) Ho At the 1% significance level we can/cannot (Choose one) conclude the mean difference between the actual cost/unit and the estimated cost/unit is different from zero.