The mean price for used cars is $10,145 . 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 table below. 11,35910,82910,38011,45413,1768,39712,5596,59411,55812,65310,7506,31912,01811,17611,6448,22112,40811,00710,0638,58312,7368,14212,6816,4356,2976,90611,06412,47612,1036,2406,6687,42713,04111,2377,13110,3068,22810,2457,6839,77511,1666,5246,4878,31711,8159,83610,24911,1737,1568,307 b. What is the p-value? Enter negative value if your answer is negative. t-value(to 3 decimals)

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Description: The mean price for used cars is $10,145 . 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 dea

State the hypotheses. That is, there is no evidence that the population mean price for used cars at…

Answered: The mean price for used cars is $10,145…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

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The mean price for used cars is $10,145 . 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 table below.

11,359	10,829	10,380	11,454	13,176
8,397	12,559	6,594	11,558	12,653
10,750	6,319	12,018	11,176	11,644
8,221	12,408	11,007	10,063	8,583
12,736	8,142	12,681	6,435	6,297
6,906	11,064	12,476	12,103	6,240
6,668	7,427	13,041	11,237	7,131
10,306	8,228	10,245	7,683	9,775
11,166	6,524	6,487	8,317	11,815
9,836	10,249	11,173	7,156	8,307

b. What is the p-value? Enter negative value if your answer is negative.

t-value	(to 3 decimals)

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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