Suppose the mean price for used cars is $10,187. 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 differed from the national mean. The prices for the sample of 50 cars are shown in the file named Used Cars. 12,400 10,400 12,100 10,000 11,000 8.895 7,675 9,975 6,350 10,470 9,895 11.250 8,795 12,500 9,340 10,150 9,200 9,395 11,000 10,640 10,000 7,500 8,000 10,440 10,200 10,300 9,740 9,280 10,930 8,000 9,000 7,680 9,400 10,730 7,350 12,240 11.970 8,240 9,910 10,080 9,000 9,440 8,970 9,500 10,050 10,130 11,400 8,500 O (a) Formulate the hypotheses that can be used to determine whether a difference exists in the mean price for used cars at the dealership. > 10,187 HS 10,187 HS 10,187 HM> 10,187 #10,187 Hà 10,187 10,187 10,187 H O #210,187 H< 10,167 (b) What is the test statistic? (Round your answer to three decimal places.) 7,500 What is the p-value? (Round your answer to four decimal places.) p-value= 10,500 (c) At a 0.05, what is your conclusion? Do not reject H There is sufficient evidence to conclude that the population mean price at this dealership differs from the national mean price of 10,187. O Do not reject Hg. There is insufficient evidence to conclude that the population mean price at this dealership differs from the national mean price of 10,167. Reject H. There is sufficient evidence to conclude that the population mean price at this dealership differs from the national mean price of 10,187. O Reject H. There is insufficient evidence to conclude that the population mean price at this dealership differs from the national mean price of 10,187. HH Q Search PColl @ X 14. 4 224 P 10/24/20
Suppose the mean price for used cars is $10,187. 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 differed from the national mean. The prices for the sample of 50 cars are shown in the file named Used Cars. 12,400 10,400 12,100 10,000 11,000 8.895 7,675 9,975 6,350 10,470 9,895 11.250 8,795 12,500 9,340 10,150 9,200 9,395 11,000 10,640 10,000 7,500 8,000 10,440 10,200 10,300 9,740 9,280 10,930 8,000 9,000 7,680 9,400 10,730 7,350 12,240 11.970 8,240 9,910 10,080 9,000 9,440 8,970 9,500 10,050 10,130 11,400 8,500 O (a) Formulate the hypotheses that can be used to determine whether a difference exists in the mean price for used cars at the dealership. > 10,187 HS 10,187 HS 10,187 HM> 10,187 #10,187 Hà 10,187 10,187 10,187 H O #210,187 H< 10,167 (b) What is the test statistic? (Round your answer to three decimal places.) 7,500 What is the p-value? (Round your answer to four decimal places.) p-value= 10,500 (c) At a 0.05, what is your conclusion? Do not reject H There is sufficient evidence to conclude that the population mean price at this dealership differs from the national mean price of 10,187. O Do not reject Hg. There is insufficient evidence to conclude that the population mean price at this dealership differs from the national mean price of 10,167. Reject H. There is sufficient evidence to conclude that the population mean price at this dealership differs from the national mean price of 10,187. O Reject H. There is insufficient evidence to conclude that the population mean price at this dealership differs from the national mean price of 10,187. HH Q Search PColl @ X 14. 4 224 P 10/24/20
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
Transcribed Image Text:(intel)
CORE 15
Suppose the mean price for used cars is $10,187. 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
differed from the national mean. The prices for the sample of 50 cars are shown in the file named Used Cars.
12,400 10,400 12,100
9,895 11,250 8,795 12,500 9,340 10,150
9,000 7,680
O Ho: MS 10,187
H: μ > 10,187
10,000 11,000 8,895
Ho: # < 10,187
H: # 2 10,187
9,400
Ho: # = 10,187
H: ## 10,187
10,000 7,500 8,000 10,440 10,200 10,300 9,740 9,280 10,930 8,000
Ho: μ ≥ 10,187
H: μ< 10,187
7,675 9,975 6,350
9,200
9,440 8,970 9,500 10,050 10,130 11,400 8,500 7,500 9,090
10,730 7,350 12,240 11,970 8,240
9,395
What is the p-value? (Round your answer to four decimal places.)
p-value =
(b) What is the test statistic? (Round your answer to three decimal places.)
11,000
(a) Formulate the hypotheses that can be used to determine whether a difference exists in the mean price for used cars at the dealership.
Ho: # > 10,187
H: H≤ 10,187
11800
10,470
10,640
9,910 10,080
10,500
(c) At a = 0.05, what is your conclusion?
Do not reject H. There is sufficient evidence to conclude that the population mean price at this dealership differs from the national mean price of 10,187.
Do not reject H₂. There is insufficient evidence to conclude that the population mean price at this dealership differs from the national mean price of
10,187.
Reject Ho. There is sufficient evidence to conclude that the population mean price at this dealership differs from the national mean price of 10,187.
Reject Ho. There is insufficient evidence to conclude that the population mean price at this dealership differs from the national mean price of 10,187.
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Expert Solution
Step 1: State the hypotheses.
(a)
From the given information, the correct hypotheses is Option 4. That is,
That is, there is no evidence to conclude that the population mean price at this dealership differs from the national mean price of 10187.
That is, there is evidence to conclude that the population mean price at this dealership differs from the national mean price of 10187.
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