Question
According to the National Automobile Dealers Association, the mean price for used cars is $10,192.A manager of a Kansas City used car dealership claims that
According to the National Automobile Dealers Association, the mean price for used cars is $10,192.A manager of a Kansas City used car dealership claims that his prices are differentthan the national mean. To test his claim, he randomly selected 50cars from his dealership.The salesprices for those 50 cars are in this data set. Use 0.05 as your level of significance.
1. What is the alternative hypothesis?
2. Compute the sample mean.
3. Compute the sample standard deviation.
4. Compute the test statistic.
5. What are the degrees of freedom?
6. Compute the p-value using Excel.
7. What is your decision? What does this decision mean in the context of this problem?
| Sale Price |
| 12400 |
| 10400 |
| 12100 |
| 10000 |
| 11000 |
| 8895 |
| 7675 |
| 9975 |
| 6350 |
| 10470 |
| 9895 |
| 11250 |
| 8795 |
| 12500 |
| 9340 |
| 10150 |
| 9200 |
| 9395 |
| 11000 |
| 10640 |
| 10000 |
| 7500 |
| 8000 |
| 10440 |
| 10200 |
| 10300 |
| 9740 |
| 9280 |
| 10930 |
| 8000 |
| 9000 |
| 7680 |
| 9400 |
| 10730 |
| 7350 |
| 12240 |
| 11970 |
| 8240 |
| 9910 |
| 10080 |
| 9440 |
| 8970 |
| 9500 |
| 10050 |
| 10130 |
| 11400 |
| 8500 |
| 7500 |
| 9090 |
10500 |
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High School Math 2012 Common-core Algebra 2 Grade 10/11
Authors: Savvas Learning Co
Student Edition
9780133186024, 0133186024
