Used Car Cost: A used car dealer says that the mean price of a three-year-old sport utility
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- Used Car Cost: A used car dealer says that the mean price of a three-year-old sport utility vehicle (in good condition) is $20,000. You suspect this claim is incorrect and find that a random sample of 22 similar vehicles has a mean price of $20,640 and a standard deviation of $1990. Is there enough evidence to reject the claim at = 0.05? Answer these questions:
What is the P-Value? How do you know?
If the level of significance is 0.05, will we reject or fail to reject the null hypothesis? Why?
What conclusion can we draw about the claim?
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