According to the National Automobile Dealers Association, the mean price for used cars is $10,062. 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. 9,440 7,910 9,055 8,895 9,385 10,455 10,995 7,500 11,970 6,365 9,835 8,830 10,150 10,085 12,525 9,380 12,220 10,700 8,955 7,540 10,180 10,005 9,525 10,040 10,005 7,675 7,330 10,125 10,960 11,025 7,670 10,500 10,620 10,380 8,240 10,435 12,120 9,990 9,925 10,270 9,175 8,540 9,340 8,120 12,450 11,295 8,995 9,890 9,270 11,365 a. Formulate the hypotheses that can be used to determine whether a difference exists in the mean price for used cars at the dealership. Но : и $10,062 %3D Ha : µ * $10,062 b. What is the p-value? Enter negative value if your answer is negative. t-value (to 2 decimals)

According to the National Automobile Dealers Association, the mean price for used cars is $10,062. 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. 9,440 7,910 9,055 8,895 9,385 10,455 10,995 7,500 11,970 6,365 9,835 8,830 10,150 10,085 12,525 9,380 12,220 10,700 8,955 7,540 10,180 10,005 9,525 10,040 10,005 7,675 7,330 10,125 10,960 11,025 7,670 10,500 10,620 10,380 8,240 10,435 12,120 9,990 9,925 10,270 9,175 8,540 9,340 8,120 12,450 11,295 8,995 9,890 9,270 11,365 a. Formulate the hypotheses that can be used to determine whether a difference exists in the mean price for used cars at the dealership. Но : и $10,062 %3D Ha : µ * $10,062 b. What is the p-value? Enter negative value if your answer is negative. t-value (to 2 decimals)

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Description: According to the National Automobile Dealers Association, the mean price for used cars is $10,062. A manager of a Kansas City used car dealership reviewed asample of 50 recent used car sales at the dealership in an attempt to determine whether the p

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Author:Amos Gilat

Publisher:Amos Gilat

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Question

According to the National Automobile Dealers Association, the mean price for used cars is $10,062. 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.
9,440
7,910
9,055
8,895
9,385
10,455
10,995
7,500
11,970
6,365
9,835
8,830
10,150
10,085
12,525
9,380
12,220
10,700
8,955
7,540
10,180
10,005
9,525
10,040
10,005
7,675
7,330
10,125
10,960
11,025
7,670
10,500
10,620
10,380
8,240
10,435
12,120
9,990
9,925
10,270
9,175
8,540
9,340
8,120
12,450
11,295
8,995
9,890
9,270
11,365
a. Formulate the hypotheses that can be used to determine whether a difference exists in the mean price for used cars at the dealership.
Но : и
$10,062
На : и
$10,062
b. What is the p-value? Enter negative value if your answer is negative.
t-value
(to 2 decimals)
p-value between 0.10 and 0.20
C. At a =
0.01, what is your conclusion?
Do not reject
the null hypothesis. Cannot
conclude the population mean price at this dealership differs from the national
mean price of $10,062.

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The mean price for used cars is $10,145 . 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. 11,359 10,829 10,380 11,454 13,176 8,397 12,559 6,594 11,558 12,653 10,750 6,319 12,018 11,176 11,644 8,221 12,408 11,007 10,063 8,583 12,736 8,142 12,681 6,435 6,297 6,906 11,064 12,476 12,103 6,240 6,668 7,427 13,041 11,237 7,131 10,306 8,228 10,245 7,683 9,775 11,166 6,524 6,487 8,317 11,815 9,836 10,249 11,173 7,156 8,307 b. What is the p-value? Enter negative value if your answer is negative. t-value (to 3 decimals)