Question
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
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