A report states that the cost of repairing a hybrid vehicle is falling even while typical repairs on conventional vehicles are getting more expensive. The most common hybrid repair, replacing the hybrid inverter assembly, had a mean repair cost of $3,927 in 2012. Industry experts suspect that the cost will continue to decrease given the increase in the number of technicians who have gained expertise in fixing gas-electric engines in recent months. Suppose a sample of 100 hybrid inverter assembly repairs completed in the last month was selected. The sample means repair cost was $3,750 with the sample standard deviation of $600. Find the test statistic for this hypothesis test. tStat=__ Is there sufficient evidence to reject the null hypothesis using α=0.05? A. Do not reject the null hypothesis. There is insufficient evidence at the 0.05 level of significance that the population mean cost is greater than $3,927. B. Do not reject the null hypothesis. There is insufficient evidence at the 0.05 level of significance that the population means the cost is less than $3,927. C. Reject the null hypothesis. There is sufficient evidence at the 0.05 level of significance that the population means the cost is less than$3,927. D. Reject the null hypothesis. There is sufficient evidence at the 0.05 level of significance that the population means the cost is greater than $3,927. The p-value is _. What does this p-value mean given the results of part (a)? A.The p-value is the probability that the actual mean cost is$3,750 or less. B. The p-value is the probability that the actual mean cost is $3,927 or less given the sample mean cost is $3,750. C. The p-value is the probability of getting a sample mean cost of $3,750 or less if the actual mean cost is $3,927. D. The p-value is the probability that the actual mean cost is more than $3,750.

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

See similar textbooks

Related questions

Concept explainers

Question

A report states that the cost of repairing a hybrid vehicle is falling even while typical repairs on conventional vehicles are getting more expensive. The most common hybrid repair, replacing the hybrid inverter assembly, had a mean repair cost of $3,927 in 2012. Industry experts suspect that the cost will continue to decrease given the increase in the number of technicians who have gained expertise in fixing gas-electric engines in recent months. Suppose a sample of 100 hybrid inverter assembly repairs completed in the last month was selected. The sample means repair cost was $3,750 with the sample standard deviation of $600.

Find the test statistic for this hypothesis test.

tStat=____

Is there sufficient evidence to reject the null hypothesis using

α=0.05?

A. Do not reject the null hypothesis. There is insufficient evidence at the

0.05 level of significance that the population mean cost is greater than

$3,927.

B. Do not reject the null hypothesis. There is insufficient evidence at the 0.05 level of significance that the population means the cost is less than $3,927.

C. Reject the null hypothesis. There is sufficient evidence at the 0.05 level of significance that the population means the cost is less than$3,927.

D. Reject the null hypothesis. There is sufficient evidence at the 0.05 level of significance that the population means the cost is greater than $3,927.

The p-value is ___.

What does this p-value mean given the results of part (a)?

A.The p-value is the probability that the actual mean cost is$3,750 or less.

B. The p-value is the probability that the actual mean cost is $3,927 or less given the sample mean cost is $3,750.

C. The p-value is the probability of getting a sample mean cost of $3,750 or less if the actual mean cost is $3,927.

D. The p-value is the probability that the actual mean cost is more than

$3,750.

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

$Point Estimation, Limit Theorems, Approximations, and Bounds$

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, statistics and related others by exploring similar questions and additional content below.

Similar questions