A car company wants to know the monthly sales made in ($000), based on the brand of vehicle. The data collected was entered on a MINITAB spreadsheet for analysis. Exhibit II below was subsequently generated. Exhibit 2 Model N Mean Median Tri.Mean Std Dev S.E. Mean Hyundai 23 109 135 107.64 * 1.34 Toyota 27 165 124 143.65 9.5 ** Question 1) Assuming normality, construct and interpret a 90% confidence interval for the average monthly earning from Toyota Vehicles. Question 2) You are required to test at the 5% level of significance the hypothesis that the average monthly earnings on Hyundai Vehicles is equal to $110,000 versus the alternative that it is different from $110,000. Complete the following sub-questions : (i) State the decision rule. (ii) Give your decision based on the available sample evidence. (iii) Hence, state your conclusion.
A car company wants to know the monthly sales made in ($000), based on the brand of vehicle. The data collected was entered on a MINITAB spreadsheet for analysis. Exhibit II below was subsequently generated.
Exhibit 2
Model N
Hyundai 23 109 135 107.64 * 1.34
Toyota 27 165 124 143.65 9.5 **
Question 1) Assuming normality, construct and interpret a 90% confidence interval for the average monthly earning from Toyota Vehicles.
Question 2) You are required to test at the 5% level of significance the hypothesis that the average monthly earnings on Hyundai Vehicles is equal to $110,000 versus the alternative that it is different from $110,000.
Complete the following sub-questions :
(i) State the decision rule.
(ii) Give your decision based on the available sample evidence.
(iii) Hence, state your conclusion.
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