Answered: A used car dealer says that the mean…

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

Question

A used car dealer says that the mean price of a three-year-old sports utility vehicle is $21,000. You suspect this claim is incorrect and find that a random sample of 23 similar vehicles has a mean price of $21,702 and a standard deviation of $1976. Is there enough evidence to reject the claim at a = 0.10? Complete parts (a) through (e) below. Assume the population is normally distributed. (a) Write the claim mathematically and identify H0 and H1 Determine the degrees of freedom d.f. Find the standardized test statistic t. Determine the sample mean and standard deviation. Decide whether to reject or fail to reject the null hypothesis. Interpret the decision in the context of the original claim.

Features Features Normal distribution is characterized by two parameters, mean (µ) and standard deviation (σ). When graphed, the mean represents the center of the bell curve and the graph is perfectly symmetric about the center. The mean, median, and mode are all equal for a normal distribution. The standard deviation measures the data's spread from the center. The higher the standard deviation, the more the data is spread out and the flatter the bell curve looks. Variance is another commonly used measure of the spread of the distribution and is equal to the square of the standard deviation.

Expert Solution