Assume that you are planning to buy a car in the used cars market. Explain the procedure how you will best fix the price. How many cars you will check? What is the best test statistics you will choose to test your hypothesis? Assume the company XYZ is offering the same brand car what you are looking for at a cost of 5000 rials. Will you accept the price or not? Assume that all cars in used cars market are approximately at same condition. What is your null and alternate hypothesis? What is your possible negotiation limit? Is it a one tail or two tail test? Explain the whole process of making decision statistically in 300-500 words
Unitary Method
The word “unitary” comes from the word “unit”, which means a single and complete entity. In this method, we find the value of a unit product from the given number of products, and then we solve for the other number of products.
Speed, Time, and Distance
Imagine you and 3 of your friends are planning to go to the playground at 6 in the evening. Your house is one mile away from the playground and one of your friends named Jim must start at 5 pm to reach the playground by walk. The other two friends are 3 miles away.
Profit and Loss
The amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item.
Units and Measurements
Measurements and comparisons are the foundation of science and engineering. We, therefore, need rules that tell us how things are measured and compared. For these measurements and comparisons, we perform certain experiments, and we will need the experiments to set up the devices.
4. Assume that you are planning to buy a car in the used cars market. Explain the procedure how you will best fix the price. How many cars you will check? What is the best test statistics you will choose to test your hypothesis? Assume the company XYZ is offering the same brand car what you are looking for at a cost of 5000 rials. Will you accept the price or not? Assume that all cars in used cars market are approximately at same condition. What is your null and alternate hypothesis? What is your possible negotiation limit? Is it a one tail or two tail test? Explain the whole process of making decision statistically in 300-500 words.
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