Question: Recall from Exercise 8.12 that Bayus (1991) studied the mean numbers of auto dealers visited by early and late replacement buyers. (1) Letting be

Recall from Exercise 8.12 that Bayus (1991) studied the mean numbers of auto dealers visited by early and late replacement buyers.

(1) Letting μ be the mean number of dealers visited by all late replacement buyers, set up the null and alternative hypotheses needed if we wish to attempt to provide evidence that m differs from 4 dealers.

(2) A random sample of 100 late replacement buyers gives a mean and a standard deviation of the number of dealers visited of 4.32 and .67, respectively. Use critical values to test the hypotheses you set up by setting a equal to .10, .05, .01, and .001.

(3) Do we estimate that μ is less than 4 or greater than 4?

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