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. 12400104001210010000110008895767599756350104709895112508795125009340101509200939511000106401000075008000104401020010300974092801093080009000768094001073073501224011970824099101008094408970950010050101301140085007500909010500 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.

Answered: d. Report the critical value(s)…

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 $10,192. 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.

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7675
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10440
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10730
7350
12240
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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.

Definition Definition Measure of central tendency that is the average of a given data set. The mean value is evaluated as the quotient of the sum of all observations by the sample size. The mean, in contrast to a median, is affected by extreme values. Very large or very small values can distract the mean from the center of the data. Arithmetic mean: The most common type of mean is the arithmetic mean. It is evaluated using the formula: μ = 1 N ∑ i = 1 N x i Other types of means are the geometric mean, logarithmic mean, and harmonic mean. Geometric mean: The nth root of the product of n observations from a data set is defined as the geometric mean of the set: G = x 1 x 2 ... x n n Logarithmic mean: The difference of the natural logarithms of the two numbers, divided by the difference between the numbers is the logarithmic mean of the two numbers. The logarithmic mean is used particularly in heat transfer and mass transfer. ln x 2 − ln x 1 x 2 − x 1 Harmonic mean: The inverse of the arithmetic mean of the inverses of all the numbers in a data set is the harmonic mean of the data. 1 1 x 1 + 1 x 2 + ...

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