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In: Statistics and Probability

A used car dealer says that the mean price of a​ three-year-old sports utility vehicle is...

A used car dealer says that the mean price of a​ three-year-old sports utility vehicle is ​$23,000. You suspect this claim is incorrect and find that a random sample of 24 similar vehicles has a mean price of ​$23,870 and a standard deviation of ​$1986. Is there enough evidence to reject the claim at α=0.01​? (a) Write the claim mathematically and identify (B) What​ is(are) the critical​ value(s) Determine the rejection​ region(s). (C) Find the standardized test statistic t. ​(d) Decide whether to reject or fail to reject the null hypothesis.

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