Question
A town official claims that the average vehicle in their area sells for more than the 40 th percentile of your data set. Using the
A town official claims that the average vehicle in their area sells for more thanthe 40thpercentile of your data set. Using the data, you obtained in week 1, as well as the summary statistics you found for the original data set (excluding the super car outlier), run a hypothesis test to determine if the claim can be supported. Make sure you state all the important values, so your fellow classmates can use them to run a hypothesis test as well. Use the descriptive statistics you found during Week 2 NOT the new SD you found during Week 4. Because again, we are using the original 10 sample data set NOT a new smaller sample size. Use alpha = .05 to test your claim.
(Note: You will want to use the function =PERCENTILE.INC in Excel to find the 40thpercentile of your data set. Hopefully this Excel function looks familiar to you from Week 2.)
First determine if you are using a z or t-test and explain why. Then conduct a four-step hypothesis test including a sentence at the end justifying the support or lack of support for the claim and why you made that choice.
| Vehicle Type/Class | Year | Make | Model | Price | MPG (City) | MPG (Highway) |
| BMW X5 | 2022 | BMW | X5 | $60,395 | 21 | 26 |
| GMC Yukon | 2022 | GMC | Yukon XL | $58,595 | 15 | 17 |
| Ford SUV | 2022 | Ford | Expedition | $58,695 | 19 | 24 |
| Volvo | 2022 | Volvo | XC90 | $58,895 | 19 | 27 |
| Mustang Electric | 2022 | Ford | MACH-E | $43,995 | TBD | TBD |
| Mazda SUV | 2022 | Mazda | CX-9 | $42,885 | 20 | 23 |
| Volvo SUV | 2022 | Volvo | XC40 | $42,945 | 22 | 30 |
| Acura | 2022 | Acura | RDX | $42,975 | 22 | 28 |
| Tesla | 2022 | Tesla | Model Y | $60,190 | TBD | TBD |
| Lexus | 2022 | Lexus | RX | $58,485 | 29 | 28 |
| McLaren Elva | 2022 | McLaren | Elva | $1,700,000 | 15 | 22 |
| Mean | $52,806 | |||||
| Median | $58,540 | |||||
| Standard Deviation | $8,297.15 | |||||
| Mean | $202,550 | |||||
| Median | $58,595 | |||||
| Standard Deviation | $496,710.20 | |||||
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Managerial Accounting Tools for Business Decision Making
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso, Ibrahim M. Aly
4th Canadian edition
1118856996, 978-1118856994
