Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

According to the Hyundai Pakistan Dealers, the mean price for used cars is RS. 600,000.A Firm reviewed a sample data of 40 recent used car

According to the Hyundai Pakistan Dealers, the mean price for used cars is RS. 600,000.A Firm reviewed a sample data of 40 recent used car sales at the dealership.In an attempt to determine whether the population mean price for used cars at this particular dealership differed from the national mean. The prices in Rupees for the sample of 40 cars are shown in the Table 2.

200000 ,700000 ,240000, 665000

250000 ,220000 ,740000, 470000

280000 ,285000, 680000 ,245000

430000 ,335000 ,280000 ,210000

540000 ,400000 ,470000, 980000

350000 ,450000 ,860000 ,530000

780000 ,510000 ,900000 ,250000

720000 ,270000 ,350000 ,600000

800000 ,275000 ,270000 ,200000

950000 ,640000 ,540000 ,210000

Formulate the hypotheses that can be used to determine whether a difference exists in the mean price for used cars at the dealership.

a) At a two-tailed test with = 0.01,b) At a left-tailed test with = 0.10

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

A Survey of Mathematics with Applications

Authors: Allen R. Angel, Christine D. Abbott, Dennis Runde

10th edition

134112105, 134112342, 9780134112343, 9780134112268, 134112261, 978-0134112107

More Books

Students also viewed these Mathematics questions