Question

In: Statistics and Probability

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

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.

Sale Price
12400
10400
12100
10000
11000
8895
7675
9975
6350
10470
9895
11250
8795
12500
9340
10150
9200
9395
11000
10640
10000
7500
8000
10440
10200
10300
9740
9280
10930
8000
9000
7680
9400
10730
7350
12240
11970
8240
9910
10080
9440
8970
9500
10050
10130
11400
8500
7500
9090
10500
  1. Use Excel’s Data Analysis to get the descriptive statistics for sale price.
  2. Construct a 95% confidence interval for the population mean sale price for the dealership.
  3. Formulate the hypotheses that can be used to determine whether the population mean price for used cars at this particular dealership differed from the national mean. Conduct the test using the critical value approach and α=0.05.
  4. Use Excel function =t.dist.2t to find the p-value in the preceding hypothesis test and construct the test with the p-value approach.
  5. Formulate hypotheses that can be used to determine whether the population mean price for used cars at this particular dealership is less than the national mean. At α=0.05, can your null hypothesis be rejected? What is your conclusion? Conduct the test using the critical value approach.
  6. Use Excel function =t.dist to find the p-value in the preceding hypothesis test and construct the test with the p-value approach.

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Expert Solution


orchestra answered 1 year ago
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