Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The mean price for used cars is $10,783. A manager of a Kansas City used car dealership reviewed a sample of 50 recent used car

image text in transcribedimage text in transcribed
The mean price for used cars is $10,783. A manager of a Kansas City used car dealership reviewed a sample of 50 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 for the sample of 50 cars are contained in the Excel Online file below. Construct a spreadsheet to answer the following questions. Open spreadsheet a. Formulate the hypotheses that can be used to determine whether a difference exists in the mean price for used cars at the dealership. H0 :p. -@ $10,783 Ha :p. -M $10,783 b. What are the test statistic and the pvalue? Do not round intermediate calculations. c. At a = 0.05, what is your conclusion? @ the null hypothesis. We have _@ evidence to conclude that the population mean price at this dealership differs from the national mean price of $10,783. D E F B C Formulas Sale Price 50 6317 Sample Size 10578 #N/A 9419 Sample Mean (to the whole number) 12555 Sample Standard Deviation (to the whole number) #N/A 6979 6243 11818 Hypothesized Mean 10783 10794 #N/A 10768 Test Statistic (3 decimals) 11 11990 #N/A 10873 Degrees of Freedom 13 11933 #N/A 14 9084 p-value (4 decimals) 15 12843 0.05 16 10579 Level of Significance (Alpha) 17 10406 #N/A 18 12569 Reject Null Hypothesis? 19 7132 Can conclude the population mean price at this dealership differs from the national mean price? #N/A 20 10352 21 6476 22 6644 23 11454 24 11435 25 020 26 10956 27 8880 28 11032 29 12863 30 7770 31 10377 32 9557 33 12537 34 8588 35 10364 36 13200 37 8723 38 11244 39 6955 40 9563 41 6202 42 8564 43 11060 44 11348 45 9012 46 8943 47 12317 48 12736 49 11529 50 10580 51 7318

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Statistics For Managers Using Microsoft Excel

Authors: David M. Levine, David F. Stephan, Kathryn A. Szabat

7th Edition

978-0133061819, 133061817, 978-0133130805

Students also viewed these Mathematics questions

Question

What are the attributes of a technical decision?

Answered: 1 week ago

Question

How do the two components of this theory work together?

Answered: 1 week ago