Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Based on 2017 sales, the six top-selling compact cars are the Honda Civic, Toyota Corolla, Nissan Sentra, Hyundai Elantra, Chevrolet Cruze, and Ford Focus. The

image text in transcribed
Based on 2017 sales, the six top-selling compact cars are the Honda Civic, Toyota Corolla, Nissan Sentra, Hyundai Elantra, Chevrolet Cruze, and Ford Focus. The 2017 market shares are: Honda Civic 20%, Toyota Corolla 17%, Nissan Sentra 12%, Hyundai Elantra 10%, Chevrolet Cruze 10%, and Ford Focus 8%, with other small car models making up the remaining 23%. Suppose a sample of 400 compact car sales in a certain large city showed the following number of vehicles sold. 97 73 53 Honda Civic Toyota Corolla Nissan Sentra Hyundai Elantra Chevrolet Cruze Ford Focus 45 41 24 Others Use a goodness of fit test to determine if the sample data indicate that the market shares for compact cars in the city are different than the market shares suggested by nationwide 2017 sales. Use a 0.05 level of significance. State the null and alternative hypothesis. O Ho: The market shares for the compact cars in the city differ from market shares nationwide. Me: The market shares for the compact cars in the city do not differ from market shares nationwide. OH: The market shares for the compact cars in the city do not differ from market shares nationwide. Me: The market shares for the compact cars in the city differ from market shares nationwide. Ho: The market shares for the compact cars in the city are different from at least one of the nationwide market shares listed. Me: The market shares for the compact cars in the city are not different from any of the nationwide market shares listed. OH,: The market shares for the compact cars in the city are not different from any of the nationwide market shares listed. He: The market shares for the compact cars in the city are different for at least one of the nationwide market shares listed. Find the value of the test statistic. (Round your answer to two decimal places.) Find the p-value. (Round your answer to four decimal places.) p-value State your conclusion. Do not reject Ho. We conclude that market shares for the compact cars in the city differ from the nationwide market shares. Do not reject Ho. We cannot conclude that market shares for the compact cars in the city differ from the nationwide market shares. Reject Ho. We cannot conclude that market shares for the compact cars in the city differ from the nationwide market shares. Reject Ho. We conclude that market shares for the compact cars in the city differ from the nationwide market shares

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

Computer Accounting With QuickBooks Online

Authors: Donna Kay

2nd Edition

1260888061, 9781260888065

More Books

Students also viewed these Accounting questions