Question

The mean price for used cars is $10,495. 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 table below.

9,116	11,325	10,282	8,499	11,120
7,540	9,761	12,920	7,095	12,666
13,087	7,889	7,241	10,141	11,336
9,669	11,537	9,093	8,096	8,772
11,664	7,874	11,805	9,606	12,376
9,070	11,187	9,556	8,880	9,911
7,246	11,600	12,202	6,567	11,144
11,899	7,995	8,763	6,709	9,334
10,804	9,934	8,114	7,185	11,652
7,220	8,124	11,026	12,478	12,526

a. Formulate the hypotheses that can be used to determine whether a difference exists in the mean price for used cars at the dealership.

	- Select your answer -<>≤≥=≠Item 1
	- Select your answer -<>≤≥=≠Item 2

b. What is the p-value? Enter negative value if your answer is negative.

-value	(to 3 decimals)
-value	- Select your answer -lower than .01between .01 and .025between .025 and .05between .05 and .10between .10 and .20greater than .20Item 4

c. At a=0.01, what is your conclusion?

- Select your answer -Do not rejectRejectItem 5 the null. - Select your answer -CannotCanItem 6 conclude the population mean price at this dealership differs from the national mean price $10,495.

Answer 1