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The mean price for used cars is $10,955. 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 contained in the Excel Online below. Construct a spreadsheet to answer the following questions. Open spreadsheet a. formulate the hypotheses that can be used to determine whether a difference exists in the mean price for used cars at the dealership. H₂: H₁: $10,955 $10,955 b. What are the test statistic and the p-value? Do not round intermediate calculations. t (to 3 decimals) (to 4 decimals) p-value c. At a=0.05, what is your conclusion? Reject ✔✔✔ the null hypothesis. We have sufficient evidence to conclude that the population mean price at this dealership differs from the national mean price of $10,955.

The mean price for used cars is $10,955. 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 contained in the Excel Online below. Construct a spreadsheet to answer the following questions. Open spreadsheet a. formulate the hypotheses that can be used to determine whether a difference exists in the mean price for used cars at the dealership. H₂: H₁: $10,955 $10,955 b. What are the test statistic and the p-value? Do not round intermediate calculations. t (to 3 decimals) (to 4 decimals) p-value c. At a=0.05, what is your conclusion? Reject ✔✔✔ the null hypothesis. We have sufficient evidence to conclude that the population mean price at this dealership differs from the national mean price of $10,955.

MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
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The mean price for used cars is $10,955. A manager of a Kansas City used car dealership reviewed a sample of 50 recent used car sales at the dealership 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 contained in the Excel Online file below. Construct a spreadsheet to answer the following questions. **a. Formulate the hypotheses that can be used to determine whether a difference exists in the mean price for used cars at the dealership.** - \(H_0\): \(\mu = 10{,}955\) - \(H_a\): \(\mu \neq 10{,}955\) **b. What are the test statistic and the p-value? Do not round intermediate calculations.** - \(t =\) (to 3 decimals) - \(p\text{-value} =\) (to 4 decimals) **c. At \(\alpha = 0.05\), what is your conclusion?** Reject the null hypothesis. We have **sufficient** evidence to conclude that the population mean price at this dealership differs from the national mean price of $10,955.
Transcribed Image Text:The mean price for used cars is $10,955. A manager of a Kansas City used car dealership reviewed a sample of 50 recent used car sales at the dealership 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 contained in the Excel Online file below. Construct a spreadsheet to answer the following questions. **a. Formulate the hypotheses that can be used to determine whether a difference exists in the mean price for used cars at the dealership.** - \(H_0\): \(\mu = 10{,}955\) - \(H_a\): \(\mu \neq 10{,}955\) **b. What are the test statistic and the p-value? Do not round intermediate calculations.** - \(t =\) (to 3 decimals) - \(p\text{-value} =\) (to 4 decimals) **c. At \(\alpha = 0.05\), what is your conclusion?** Reject the null hypothesis. We have **sufficient** evidence to conclude that the population mean price at this dealership differs from the national mean price of $10,955.
### Statistical Analysis of Car Sale Prices This dataset contains information on the sale prices of cars at a dealership, along with calculations for statistical analysis. Below is a summary of the key elements involved in this analysis: #### Sale Price Data The data consists of 50 individual sale prices for cars, listed in column A from A2 to A51. #### Statistical Calculations 1. **Sample Size** - **Value:** 50 (D2) - Represents the number of sale prices analyzed. 2. **Sample Mean** - A cell reserved for calculating the arithmetic mean of the sale prices. 3. **Sample Standard Deviation** - A cell reserved for calculating the standard deviation, which measures the amount of variation or dispersion in the sale prices. 4. **Hypothesized Mean** - **Value:** 10955 (D5) - This is the national mean price used as a benchmark for comparison. 5. **Test Statistic** - A cell for the calculated test statistic, which indicates how many standard deviations the sample mean is from the hypothesized mean. 6. **Degrees of Freedom** - A cell reserved for the degrees of freedom, calculated as the sample size minus one. 7. **p-value** - A cell reserved for calculating the p-value; this will determine the significance of the results. 8. **Level of Significance (Alpha)** - **Value:** 0.05 (D9) - This is the threshold for statistical significance, commonly set at 5%. 9. **Reject Null Hypothesis** - A cell indicating whether to reject the null hypothesis, based on the p-value and alpha level. 10. **Conclusion** - A cell designated for concluding if the population mean price at this dealership significantly differs from the national mean price. #### Formulas The rightmost column (column F) is reserved for the formulas used in calculations, although they currently display `#N/A`. This setup serves as a practical example for educational use, highlighting the steps involved in hypothesis testing and statistical comparison of sample data against a known population mean.
Transcribed Image Text:### Statistical Analysis of Car Sale Prices This dataset contains information on the sale prices of cars at a dealership, along with calculations for statistical analysis. Below is a summary of the key elements involved in this analysis: #### Sale Price Data The data consists of 50 individual sale prices for cars, listed in column A from A2 to A51. #### Statistical Calculations 1. **Sample Size** - **Value:** 50 (D2) - Represents the number of sale prices analyzed. 2. **Sample Mean** - A cell reserved for calculating the arithmetic mean of the sale prices. 3. **Sample Standard Deviation** - A cell reserved for calculating the standard deviation, which measures the amount of variation or dispersion in the sale prices. 4. **Hypothesized Mean** - **Value:** 10955 (D5) - This is the national mean price used as a benchmark for comparison. 5. **Test Statistic** - A cell for the calculated test statistic, which indicates how many standard deviations the sample mean is from the hypothesized mean. 6. **Degrees of Freedom** - A cell reserved for the degrees of freedom, calculated as the sample size minus one. 7. **p-value** - A cell reserved for calculating the p-value; this will determine the significance of the results. 8. **Level of Significance (Alpha)** - **Value:** 0.05 (D9) - This is the threshold for statistical significance, commonly set at 5%. 9. **Reject Null Hypothesis** - A cell indicating whether to reject the null hypothesis, based on the p-value and alpha level. 10. **Conclusion** - A cell designated for concluding if the population mean price at this dealership significantly differs from the national mean price. #### Formulas The rightmost column (column F) is reserved for the formulas used in calculations, although they currently display `#N/A`. This setup serves as a practical example for educational use, highlighting the steps involved in hypothesis testing and statistical comparison of sample data against a known population mean.
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