Question

In: Statistics and Probability

One of our dealerships has the following average unit sales per team member. We are concerned...

One of our dealerships has the following average unit sales per team member. We are concerned that the dealership variance and the population variance are different. We would like to be 95% confident about our findings. Historically the population variance has been about 390,000. Use the following data as a basis for making inferences about the population variance. Prepare the information about a Confidence Interval and Hypothesis Testing.

Team Member	Average Dollar Sale	xbar	x-xbar	x-xbar^2
1	25000
2	25500
3	23750
4	25250
5	24250
6	24750
7	25750
8	24500
9	25375
10	24625

Find:

1. N = ?

2. Sample variance?

3. Confidence coefficient?

4. Level of significance?

5. Chi-square value (Lower tail)?

6. Chi-square value (Upper tail)?

7. Point estimate?

8. Lower limit?

9. Upper limit?

10. Sample Meah?

11. Hypothesized value?

12. Test statistic?

13. P-value (two tail 4 decimals)?

14. Conclusion

We want to compare the variances in two dealerships sales of our A and B dealership. Use the following table to develop a comparison about the two population variances. Prepare the information for Hypothesis Testing.15. Mean of first set?

16. Mean of second set?

17. Variance of first set?

18. Variance of second set?

19. Observations of the first set?

20. Observations of the second set?

21. Degrees of freedom first set?

22. Degrees of freedom second set?

23. Calculated test statistic? (4 decimal places)

24. P=Value? (4 decimal places)

25. Critical value? (4 decimal places)

Expert Solution

orchestra answered 1 year ago

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