Answered: Dover Motors is a car dealership that…

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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Question

Dover Motors is a car dealership that sells new and used cars. Suppose they sold 140 used cars during the most recent quarter. The average selling price was $10,325 with a standard deviation of $2,880. A random sample of 60 used cars from this population was selected.

Answer the following questions.

Compute the 80th percentile of the sample mean selling price.
Would it be unusual if a selling price for 1 car was higher than $13,400? Justify your answer.

Dover Motors is a car dealership that sells new and used cars. Suppose they sold 140 used cars during the most recent quarter. The average selling price was $10,325 with
a standard deviation of $2,880. A random sample of 60 used cars from this population was selected.
Answer the following questions, performing all computations with Excel.
a. Compute the standard error of the sample mean of selling price at the dealership.
b. Compute the probability that the sample mean selling price is less than $10,000
c. Compute the probability that the sample mean selling price is more than $9,500
d. Compute the probability that the sample mean selling price is between $9,300 and $10,800
e. Compute the 80th percentile of the sample mean selling price.
f. Would it be unusual if a selling price for 1 car was higher than $13,400? Justify your answer.

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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