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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
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
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