The mean price for used cars is $10,393 . 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.1130599971221010493128057018103347003812582027662119758229939087531197610070117878159631411963989412880891612015763113199951265717852117241072464057896805586729257120401131811393963599228975830786586730126676454796213110 a. Formulate the hypotheses that can be used to determine whether a difference exists in the mean price for used cars at the dealership. - Select your answer -: <, >, ≤,≥, =, ≠ - Select your answer - <, >, ≤, ≥, =, ≠ b. What is the p-value? Enter negative value if your answer is negative. t-value (to 3 decimals)p-value- Select your answer -lower than .01, between .01 and .025, between .025 and .05, between .05 and .10,between .10 and .20, greater than .20

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Description: The mean price for used cars is $10,393 . 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…

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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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The mean price for used cars is $10,393 . 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.

11305	9997	12210	10493	12805
7018	10334	7003	8125	8202
7662	11975	8229	9390	8753
11976	10070	11787	8159	6314
11963	9894	12880	8916	12015
7631	13199	9512	6571	7852
11724	10724	6405	7896	8055
8672	9257	12040	11318	11393
9635	9922	8975	8307	8658
6730	12667	6454	7962	13110

a. Formulate the hypotheses that can be used to determine whether a difference exists in the mean price for used cars at the dealership.

	- Select your answer -: <, >, ≤,≥, =, ≠
	- Select your answer - <, >, ≤, ≥, =, ≠

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

t-value	(to 3 decimals)
p-value	- Select your answer -lower than .01, between .01 and .025, between .025 and .05, between .05 and .10,between .10 and .20, greater than .20

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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