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New Car Prices. Kelley's Blue Book (kbb.com) publishes data on new and used cars. The following table contains the fair market value for five new
New Car Prices. Kelley's Blue Book (kbb.com) publishes data on new and used cars. The following table contains the fair market value for five new 2013 and 2014 vehicles (data recorded July 2014). We are interested in the difference in price between the 2013 models and the 2014 models. Assume that the population of price differences is normally distributed. Test whether 2014 models are on average more expensive, using level of significance a = 0.01.
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