Question
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.
Solutions
orchestra answered 2 years agoRelated Solutions
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)...
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 $24,000.You suspect this claim is
incorrect and find that a random sample of 23 similar vehicles has
a mean price of $24,806 and a standard deviation of $1991. Is
there enough evidence to reject the claim at α=0.10 Complete parts
(a) through (e) below. Assume the population is normally
distributed.
A- Write the claim mathematically and identify Upper H0
and Ha
b) Find the...
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 $ 22 comma 000 22,000. You suspect this
claim is incorrect and find that a random sample of 22 22 similar
vehicles has a mean price of $ 22 comma 668 22,668 and a standard
deviation of $ 1919 1919. Is there enough evidence to reject the
claim at alpha α equals = 0.05 0.05? Complete parts (a) through
(e) below. Assume the population...
A used car dealer says that the mean price of a three-year-old sport utility vehicle in...
A used car dealer says that the mean price of a three-year-old
sport utility vehicle in good condition is $18,000. A random sample
of 20 such vehicles has a mean price of $18,450 and a standard
deviation of $1930. At α=0.08, can the dealer’s claim be supported?
No, since the test statistic of 1.04 is close to the critical value
of 1.24, the null is not rejected. The claim is the null, so is
supported Yes, since the test statistic...
You are considering buying a sports car with a list price of $99,000. The dealer has...
You are considering buying a sports car with a list price of
$99,000. The dealer has offered you two payment alternatives: - You
can get a $9,000 discount if you pay cash today. - You can buy the
car for the list price of $99,000. You need to make a down payment
of $39,000. The remainder $60,000 is a "zero-interest loan" to be
paid back in equal installment over 36 months. Alternatively, your
bank is willing to give you a...
In 2003, Porsche unveiled its new sports utility vehicle (SUV), the Cayenne. With a price tag...
In 2003, Porsche unveiled its new sports utility vehicle (SUV),
the Cayenne. With a price tag of $40,000 (2003 dollars), the
Cayenne went from zero to 62mph in 9.7 seconds. Porsche’s decision
to enter the SUV market was a response to the runaway success of
other high-priced SUVs such as the Mercedes Benz M-Class. Vehicles
in this class had generated years of high profits. The Cayenne
certainly spiced up the market, and Porsche subsequently introduced
the Cayenne Turbo S, which...
Suppose that the average price of a 5 year old used car is $16,230 with a...
Suppose that the average price of a 5 year old used car is
$16,230 with a standard deviation of $4,740. Assume that the price
follows a normal distribution, find the following
The probability of an used car is less than $19,000?
The probability of an used car is between 13,000, and
18,000?
The probability is between 11,000 and 16,000?
The probability is greater than 20,000?
I’m looking for an used car in the cheapest 10%. How much am I
willing...
The manufacturer of a new hybrid sports utility vehicle (SUV) states that it gets an average...
The manufacturer of a new hybrid sports utility vehicle (SUV)
states that it gets an average of 48 miles per gallon (mpg) on the
highway. A consumer group suspects that perhaps the new SUV’s gas
efficiency is lower than the manufacturer’s statement. Assume that
the gas efficiency of the SUV is approximately normally
distributed. The consumer group randomly tests 13 of the new SUV’s
under similar highway conditions and obtains the following results:
39, 40, 41, 42, 43, 43, 44,...
Historically, the proportion of people who trade in their old car to a car dealer when...
Historically, the proportion of people who trade in their old
car to a car dealer when purchasing a new car is 50%. Over the
previous 4 months, in a sample of 128 new-car buyers, 54 have
traded in their old car. To determine (at the 10% level of
significance) whether the proportion of new-car buyers that trade
in their old car has statistically significantly decreased, what is
the test statistic? (please round your answer to 2 decimal
places)
Historically, the proportion of people who trade in their old car to a car dealer when...
Historically, the proportion of people who trade in their old
car to a car dealer when purchasing a new car is 48%. Over the
previous 6 months, in a sample of 115 new-car buyers, 46 have
traded in their old car. To determine (at the 5% level of
significance) whether the proportion of new-car buyers that trade
in their old car has statistically significantly decreased; what is
the critical value? (please round your answer to 2 decimal
places)
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