yy to anSuppose the mean price for used cars is $10,196. 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 thepopulation 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 UsedCars.12,40010,40012,10010,00011,0008,8957,6759,9756,35010,4709,89511,2508,79512,5009,34010,1509,2009,39511,00010,64010,0007,5008,00010,44010,20010,3009,7409,28010,9308,0009,0007,6809,40010,7307,35012,24011,970 8,2409,91010,0809,4408,9709,50010,05010,13011,4008,5007,5009,09010,500(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:µ =10,196Ha: µ + 10,196HO. μ > 10,196H2: µ < 10,196Ho:u < 10,196Ha: µ 2 10,196Ho:H > 10,196Ha: Hs 10,196Ho:H< 10,196H: µ > 10,196(b) What is the test statistic? (Round your answer to three decimal places.)What is the p-value? (Round your answer to four decimal places.)p-value(c) At a = 0.05, what is your conclusion?Do not reject Ho. There is sufficient evidence to conclude that the population mean price at this dealership differs from the national mean price of 10,196.Do not reject Ho. There is insufficient evidence to conclude that the population mean price at this dealership differs from the national mean price of 10,196.Reject Ho. There is sufficient evidence to conclude that the population mean price at this dealership differs from the national mean price of 10,196.Reject Ho. There is insufficient evidence to conclude that the population mean price at this dealership differs from the national mean price of 10,196.O O

Name: yy to anSuppose the mean price for used cars is $10,196. A manager of
Uploaded: 2024-03-20T07:07:12.000Z
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Description: yy to anSuppose the mean price for used cars is $10,196. 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 thepopulation mean price for used cars at this

State the hypotheses. That is, there is no enough evidence to conclude that the population mean price used for cars at this particular dealership differed from the national mean. That is, there is enough evidence to conclude that the population mean price used for cars at this particular dealership differed from the national mean. Correct option: Option 1 (b) Obtain the value of the test statistic. Use EXCEL Procedure to obtain values for the given samples. Follow the instruction to obtain the value of mean and SD: Open EXCEL Go to Data>Data Analysis. Choose Descriptive Statistics. Enter the input range as $A$1:$A$51. Check the Labels in the first row. Check the option Summary statistics Click OK. EXCEL output: From the EXCEL output, the value of mean is 9750 and the standard deviation is 1399.9989. The required value is, Thus, the value of the test statistic is –2.253. Obtain the P-value. Obtain the degrees of freedom: Use Excel to obtain the probability value. Follow the instruction to obtain the P-value: Open EXCEL Go to Formula bar. In formula bar enter the function as“=TDIST” Enter the test statistic ABS(–2.253) Enter the degrees of freedom as 49. Enter the tails as 2 Click enter EXCEL output: From the Excel output, the P-value is 0.0288 Thus, the P-value is 0.0288. Conclusion: The conclusion is obtained as follows: Use the level of significance as 0.05. The P-value is less than the level of significance. Therefore by the rejection rule, reject the null hypothesis. That is, there is enough evidence to conclude that the population mean price used for cars at this particular dealership differed from the national mean. Correct option: Option 3