Question
Brand managers become concerned if they discover that customers are aging and gradually moving out of the high-spending age groups. The average buyer for a
Brand managers become concerned if they discover that customers are aging and gradually moving out of the high-spending age groups. The average buyer for a particular brand of car is 60. A new model draws in younger customers. If a sample of 50 purchasers of the new model has average age 48(with standard deviation 27), is this compelling evidence that the buyers of the new model are younger than the typical buyer of the brand? (Assume that the data meet the sample size condition.) Complete parts a through c.
Find the p-value of the test using a normal model of the sample distribution. Do the data supply enough evidence to reject the null hypothesis if =0.025?
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