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 PricesThis 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 DataThe data consists of 50 individual sale prices for cars, listed in column A from A2 to A51.#### Statistical Calculations1. **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.#### FormulasThe 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.

Given the data on sales price.want to test

Answered: The mean price for used cars is…

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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Find the mean, the median, and the mode of the following salaries of employees of the Moe D. Lawn Landscaping Company. (If an answer does not exist, enter DNE.) mean $ median $ mode $ Salary Frequency $22,000 4 $27,000 3 $30,000 2 $45,000 1
6. Find the mean, median, and mode for each set of data. a. 80 90 100 110 110 140 b. 10 90 100 110 110 210 c. How do your answers for parts (a) and (b) differ (or agree)? Why?
Cris Turlock owns and manages a small business in San Francisco, California. The business provides breakfast and brunch food, via carts parked along sidewalks, to people in the business district of the city. Being an experienced businessperson, Cris provides incentives for the four salespeople operating the food carts. This year, she plans to offer monetary bonuses to her salespeople based on their individual mean daily sales. Below is a chart giving a summary of the information that Cris has to work with. (A "sample" is a collection of daily sales figures, in dollars, from this past year for a particular salesperson.) Groups Sample size Sample mean Sample variance Salesperson 1 143 204.8 2382.8 Salesperson 2 97 209.9 2501.3 Salesperson 3 53 218.3 2461.6 Salesperson 4 95 205.8 2373.9
The following refer to the following data set: 24 35 98 30 91 40 93 40 57 39 What is the mean () of this data set? mean = (Please show your answer to one decimal place.) What is the median of this data set? median = What is the mode of this data set? mode =
website monitors customer complaints and organizes these complaints into six distinct categories. Overthe past year, the company has received 534 complaints One possible graphical method for representing these data is a scatter plot. A. TRUE B. FALSE
a. determine the mode of the data. b. decide whether it would be appropriate to use either the mean or the median as a measure of center. Explain your answer. Exercise Primetime Broadcast Shows. From the TVbytheNumbers website, we obtained the networks for the top 20 primetime broadcast TV shows by total viewership for the week ending August 18, 2013. CBS NBC NBC ABC CBS CBS CBS CBS CBS FOX CBS CBS CBS CBS NBC NBC FOX CBS NBC ABC
The U.S. National Center for Health Statistics complies birth statistics and publishes the results in vital statistics of the United States. The Center has historically believed that the mean of all newborns in the U.S. has been no less than 6.95 pounds. A sample of babies is selected so that the center can revise its belief. The following birth weights, in pounds are recorded: 7.4, 6.0, 8.6, 4.5, 2.0, 7.9, 4.0, 2.6, 5.9, 7.3, 7.3, 7.0, 6.3, 8.1, 7.1, 7.3, 6.6, 5.2, 9.8, 8.0, 10.9, 6.5, 3.8, 5.0, 8.0 a). At 5% level of significance, do these data provide sufficient evidence to refute the Center’s belief? Your conclusion must be in terms of the P-Value as well as setting up a Rejection Region. You must show all necessary work. b). Which statistical distribution should be applied in this situation and why? Explain carefully.
The table to the right gives the cost of living index (COLI) for six East Coast counties and six Midwest counties (using an index where 100 represents the average cost of living for all A participating cities with a population of more than 1.5 million). Answer parts (a) through (e) below. B a. Find the mean, median, and range for each of the two data sets. The mean for the East Coast Counties is (Type an integer or decimal rounded to two decimal places as needed.) EUCEY с D F East Coast Counties 104.9 128.7 314.2 134.1 123.5 141.1 DYWXYN Midwest Counties 96.2 92.7 94.4 87.3 95.8 228.3
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