Chapter 6, Problem 36P

According to the National Automobile Dealers Association, the mean price for used cars is $10,192. 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 tile named UsedCars.

1. a. Formulate the hypotheses that can be used to determine whether a difference exists in the mean price for used cars at the dealership.
2. b. What is the p value?
3. c. At α = 0.05, what is your conclusion?