d. Report the critical value(s) associated with a 5% level of significance. What is your decision based on the critical value approach? (Reject Ho or fail to reject Ho?) e. Compute the p-value of the test. What is your decision at a 5% level of significance? f. State your conclusion in plain words.
According to the National Automobile Dealers Association, the mean price for used cars is $10,192. 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 is below the national mean. The prices for the sample of 50 cars are shown in the file named UsedCars.
| 12400 |
| 10400 |
| 12100 |
| 10000 |
| 11000 |
| 8895 |
| 7675 |
| 9975 |
| 6350 |
| 10470 |
| 9895 |
| 11250 |
| 8795 |
| 12500 |
| 9340 |
| 10150 |
| 9200 |
| 9395 |
| 11000 |
| 10640 |
| 10000 |
| 7500 |
| 8000 |
| 10440 |
| 10200 |
| 10300 |
| 9740 |
| 9280 |
| 10930 |
| 8000 |
| 9000 |
| 7680 |
| 9400 |
| 10730 |
| 7350 |
| 12240 |
| 11970 |
| 8240 |
| 9910 |
| 10080 |
| 9440 |
| 8970 |
| 9500 |
| 10050 |
| 10130 |
| 11400 |
| 8500 |
| 7500 |
| 9090 |
| 10500 |
d. Report the critical value(s) associated with a 5% level of significance. What is your decision based on the critical value approach? (Reject Ho or fail to reject Ho?)
e. Compute the p-value of the test. What is your decision at a 5% level of significance?
f. State your conclusion in plain words.
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