uestion 2 20 marks Is there evidence that the population mean price of the used cars at auction is equal to $13,500 at a=0.08 level of signicance)? Find the condence Interval (ii) for your estimate. Att: group use (twotail} Ttest to answer following P-value and Tcritical value approach for to make decision and to include in write up for results and management decision) Claim: We want to test to see if there's evidence to support the claim that the population mean price is equal to 13,500 at the 0.08 signicance level. Hypothesis statement: Null hypothesis H0: u = $13, 500 Alternative hypothesis H1: u$13, 500 Find Critical T-value (ch): Use (if 499 and a=0.08 to nd the Toy in your Casio. Results and analysis: Reject g do not reject H0 and why? Show by compaiing p-value w/ a=0.08 8: comparing Tstat 0.390 with your w/ ch Statistical and managerial decision: SPSS Output: One-Sample Statistics Std. Error N Mean Std. Deviation Mean Price 500 13555.80 3200.697 143.140 OneSample Test TestValue = 13500 95% Condence Interval of the Significance Mean Difference t at OneSided p TwoSided p Difference Lmer Upper Price .390 459 .348 .597 55.802 -225.43 337.03