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.
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter10: Statistics
Section10.3: Measures Of Spread
Problem 8PPS
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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 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 file
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.
Ho: μ|
Ha:μv
b. What are the test statistic and the p-value? Do not round intermediate calculations.
(to 3 decimals)
(to 4 decimals)
t
$10,955
$10,955
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.
Transcribed Image Text:A
1 Sale Price
2
9832
10270
9421
11365
6265
10214
9922
10803
6678
12939
6236
10139
12156
10043
12239
10233
11566
13093
3
4
5
6
7
8
9
10
11
12
13
3456789
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
9931
9391
10706
6585
12252
6364
10914
12699
6803
11105
8757
11387
13004
12692
9419
10932
6269
10125
7722
6674
10110
8786
12994
9503
12428
9988
12327
9538
11898
6220
10156
10200
B
с
Sample Size
Sample Mean (to the whole number)
Sample Standard Deviation (to the whole number)
Hypothesized Mean
Test Statistic (3 decimals)
Degrees of Freedom
p-value (4 decimals)
Level of Significance (Alpha)
Reject Null Hypothesis?
Can conclude the population mean price at this
dealership differs from the national mean price?
D
50
10955
0.05
E
Formulas
F
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
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