Question
A sampling of 10 selling prices for a certain model car yields a sample mean of x_bar=$15,127 and sample standard deviation s=$502. Suppose that the
A sampling of 10 selling prices for a certain model car yields a sample mean of x_bar=$15,127 and sample standard deviation s=$502.
Suppose that the MSRP for the car is $15,990. How can we test the claim that the selling price is significantly less than the MSRP at the 5% significant level?
a. which test do we use?
b. formulate the hypothesis and carry out the test.
c. what is your conclusion?
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Calculus Early Transcendentals
Authors: James Stewart, Daniel K. Clegg, Saleem Watson, Lothar Redlin
9th Edition
1337613924, 978-1337613927
