anning to buy a new vehicle for his business. He estimated the rice of his dream vehicle as 2.4 million rupees, but unable to purchase it so far due to the inancial constraints he faced. Now due to the changes in the import policies of the new overnment, different people argue that prices of the vehicle have also changed herefore, in order to test whether the price of his dream vehicle has changed or not, h hecked the prices of 18 such vehicles (in million rupees) advertised in the weeker ewspaper and the sample mean was = 2.14 and standard deviation was 0.22. Test thether the nrice of his dream yehicle has changed?

MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
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A small retailer was planning to buy a new vehicle for his business. He estimated the
price of his dream vehicle as 2.4 million rupees, but unable to purchase it so far due to the
financial constraints he faced. Now due to the changes in the import policies of the new
government, different people argue that prices of the vehicle have also changed.
Therefore, in order to test whether the price of his dream vehicle has changed or not, he
checked the prices of 18 such vehicles (in million rupees) advertised in the weekend
newspaper and the sample mean was = 2.14 and standard deviation was 0.22. Test at
5% level of significance whether the price of his dream vehicle has changed?
Transcribed Image Text:A small retailer was planning to buy a new vehicle for his business. He estimated the price of his dream vehicle as 2.4 million rupees, but unable to purchase it so far due to the financial constraints he faced. Now due to the changes in the import policies of the new government, different people argue that prices of the vehicle have also changed. Therefore, in order to test whether the price of his dream vehicle has changed or not, he checked the prices of 18 such vehicles (in million rupees) advertised in the weekend newspaper and the sample mean was = 2.14 and standard deviation was 0.22. Test at 5% level of significance whether the price of his dream vehicle has changed?
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