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According to the National Automobile Dealers Association, the mean price for used cars is $10,044. A manager of a Kansas City used car dealership reviewed a sample of 50 recent used car sales at the dealership in an attempt to determine whether the population mean price for used cars at this particular dealership differed from the national mean. The prices for the sample of 50 cars are shown in the table below. 10,010 11,225 12,210 8,220 9,375 10,990 10,060 9,475 11,020 10,390 9,350 7,570 9,425 10,195 9,985 9,710 8,845 10,670 7,720 12,410 7,740 9,220 7,260 9,295 11,955 8,560 9,910 10,705 8,995 11,365 7,920 10,010 8,140 10,935 10,505 10,275 10,460 10,125 10,145 9,890 8,865 10,435 10,090 9,380 7,510 12,110 8,965 6,440 a. Formulate the hypotheses that can be used to determine whether a difference exists in the mean price for used cars at the dealership. Ho: H₂ : - Select your answer - - Select your answer - $10,044 $10,044 12,480 9,110

According to the National Automobile Dealers Association, the mean price for used cars is $10,044. A manager of a Kansas City used car dealership reviewed a sample of 50 recent used car sales at the dealership in an attempt to determine whether the population mean price for used cars at this particular dealership differed from the national mean. The prices for the sample of 50 cars are shown in the table below. 10,010 11,225 12,210 8,220 9,375 10,990 10,060 9,475 11,020 10,390 9,350 7,570 9,425 10,195 9,985 9,710 8,845 10,670 7,720 12,410 7,740 9,220 7,260 9,295 11,955 8,560 9,910 10,705 8,995 11,365 7,920 10,010 8,140 10,935 10,505 10,275 10,460 10,125 10,145 9,890 8,865 10,435 10,090 9,380 7,510 12,110 8,965 6,440 a. Formulate the hypotheses that can be used to determine whether a difference exists in the mean price for used cars at the dealership. Ho: H₂ : - Select your answer - - Select your answer - $10,044 $10,044 12,480 9,110

MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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According to the National Automobile Dealers Association, the mean price for used cars is $10,044. A manager of a Kansas City used car dealership reviewed a sample of 50 recent used car sales at the dealership in an attempt to determine whether the population mean price for used cars at this particular dealership differed from the national mean. The prices for the sample of 50 cars are shown in the table below. 11,225 12,210 8,220 10,990 10,060 9,475 9,350 7,570 9,425 9,710 8,845 10,670 7,740 9,220 7,260 8,560 9,910 10,705 7,920 10,010 8,140 10,275 10,460 10,125 8,865 10,435 10,090 12,110 8,965 6,440 a. Formulate the hypotheses that can be used to determine whether a difference exists in the mean price for used cars at the dealership. Ho :) H₂H - Select your answer - - Select your answer - 12,480 10,010 9,110 9,375 11,020 10,390 10,195 9,985 7,720 12,410 9,295 11,955 8,995 11,365 10,935 10,505 10,145 9,890 9,380 7,510 $10,044 $10,044
Transcribed Image Text:According to the National Automobile Dealers Association, the mean price for used cars is $10,044. A manager of a Kansas City used car dealership reviewed a sample of 50 recent used car sales at the dealership in an attempt to determine whether the population mean price for used cars at this particular dealership differed from the national mean. The prices for the sample of 50 cars are shown in the table below. 11,225 12,210 8,220 10,990 10,060 9,475 9,350 7,570 9,425 9,710 8,845 10,670 7,740 9,220 7,260 8,560 9,910 10,705 7,920 10,010 8,140 10,275 10,460 10,125 8,865 10,435 10,090 12,110 8,965 6,440 a. Formulate the hypotheses that can be used to determine whether a difference exists in the mean price for used cars at the dealership. Ho :) H₂H - Select your answer - - Select your answer - 12,480 10,010 9,110 9,375 11,020 10,390 10,195 9,985 7,720 12,410 9,295 11,955 8,995 11,365 10,935 10,505 10,145 9,890 9,380 7,510 $10,044 $10,044
b. What is the p-value? Enter negative value if your answer is negative. (to 2 decimals) t-value p-value c. At a = 0.01, what is your conclusion? - Select your answer the null hypothesis. differs from the national mean price of $10,044. Select your answer - Select your answer conclude the population mean price at this dealership
Transcribed Image Text:b. What is the p-value? Enter negative value if your answer is negative. (to 2 decimals) t-value p-value c. At a = 0.01, what is your conclusion? - Select your answer the null hypothesis. differs from the national mean price of $10,044. Select your answer - Select your answer conclude the population mean price at this dealership
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