Assume that you are planning to buy a car in the used cars market. Explain the procedure how you will best fix the price. How many cars you will check? What is the best test statistics you will choose to test your hypothesis? Assume the company XYZ is offering the same brand car what you are looking for at a cost of 5000 rials. Will you accept the price or not? Assume that all cars in used cars market are approximately at same condition. What is your null and alternate hypothesis? What is your possible negotiation limit? Is it a one tail or two tail test?

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Assume that you are planning to buy a car in the used cars market. Explain the procedure how you will best fix the
price. How many cars you will check? What is the best test statistics you will choose to test your hypothesis? Assume
the company XYZ is offering the same brand car what you are looking for at a cost of 5000 rials. Will you accept the
price or not? Assume that all cars in used cars market are approximately at same condition. What is your null and
alternate hypothesis? What is your possible negotiation limit? Is it a one tail or two tail test?

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