Question

Imagine that you are studying automobile buyers who choose to replace their current car near the...

Imagine that you are studying automobile buyers who choose to replace their current car near the end of its expected lifetime. Specifically, you are interested in how many different dealers late purchasers visit.

Let µ be the mean number of dealers visited by all late replacement buyers. A random sample of 100 late replacement buyers yields a mean and standard deviation of the number of dealers visited of x¯ = 4.32 and s = 0.67.

The test statistic and the corresponding p-values are listed below:

Test Statistic p value
4.78 < 0.0001

Tasks:

  • Set up null and alternative hypotheses needed if we wish to attempt to provide evidence that µ differs from 4 dealers.
  • Identify the test you will apply to test the hypothesis. Justify your choice.
  • Choose an appropriate level of significance.
  • Define type I and II errors in the context of your hypotheses.
  • State your decision regarding the hypothesis.
  • State the conclusion.

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Bayus (1991) studied the mean numbers of auto dealers visited by early and late replacement buyers....
Bayus (1991) studied the mean numbers of auto dealers visited by early and late replacement buyers. Letting μ be the mean number of dealers visited by all late replacement buyers, set up the null and alternative hypotheses needed if we wish to attempt to provide evidence that μ differs from 4 dealers. A random sample of 100 late replacement buyers yields a mean and a standard deviation of the number of dealers visited of x⎯⎯x¯ = 4.42 and s =...
In an article in the Journal of Marketing, Bayus studied the differences between "early replacement buyers”...
In an article in the Journal of Marketing, Bayus studied the differences between "early replacement buyers” and "late replacement buyers” in making consumer durable good replacement purchases. Early replacement buyers are consumers who replace a product during the early part of its lifetime, while late replacement buyers make replacement purchases late in the product’s lifetime. In particular, Bayus studied automobile replacement purchases. Consumers who traded in cars with ages of zero to three years and mileages of no more than...
In an article in the Journal of Marketing, Bayus studied the differences between "early replacement buyers”...
In an article in the Journal of Marketing, Bayus studied the differences between "early replacement buyers” and "late replacement buyers” in making consumer durable good replacement purchases. Early replacement buyers are consumers who replace a product during the early part of its lifetime, while late replacement buyers make replacement purchases late in the product’s lifetime. In particular, Bayus studied automobile replacement purchases. Consumers who traded in cars with ages of zero to three years and mileages of no more than...
In an article in the Journal of Marketing, Bayus studied the differences between "early replacement buyers”...
In an article in the Journal of Marketing, Bayus studied the differences between "early replacement buyers” and "late replacement buyers” in making consumer durable good replacement purchases. Early replacement buyers are consumers who replace a product during the early part of its lifetime, while late replacement buyers make replacement purchases late in the product’s lifetime. In particular, Bayus studied automobile replacement purchases. Consumers who traded in cars with ages of zero to three years and mileages of no more than...
In an article in the Journal of Marketing, Bayus studied the differences between "early replacement buyers”...
In an article in the Journal of Marketing, Bayus studied the differences between "early replacement buyers” and "late replacement buyers” in making consumer durable good replacement purchases. Early replacement buyers are consumers who replace a product during the early part of its lifetime, while late replacement buyers make replacement purchases late in the product’s lifetime. In particular, Bayus studied automobile replacement purchases. Consumers who traded in cars with ages of zero to three years and mileages of no more than...
In an article in the Journal of Marketing, Bayus studied the differences between "early replacement buyers”...
In an article in the Journal of Marketing, Bayus studied the differences between "early replacement buyers” and "late replacement buyers” in making consumer durable good replacement purchases. Early replacement buyers are consumers who replace a product during the early part of its lifetime, while late replacement buyers make replacement purchases late in the product’s lifetime. In particular, Bayus studied automobile replacement purchases. Consumers who traded in cars with ages of zero to three years and mileages of no more than...
In an article in the Journal of Marketing, Bayus studied the differences between "early replacement buyers"...
In an article in the Journal of Marketing, Bayus studied the differences between "early replacement buyers" and "late replacement buyers" in making consumer durable good replacement purchases. Early replacement buyers are consumers who replace a product during the early part of its lifetime, while late replacement buyers make replacement purchases late in the product's lifetime. In particular, Bayus studied automobile replacement purchases. Consumers who traded in cars with ages of zero to three years and mileages of no more than...
In an article in the Journal of Marketing, Bayus studied the differences between "early replacement buyers”...
In an article in the Journal of Marketing, Bayus studied the differences between "early replacement buyers” and "late replacement buyers” in making consumer durable good replacement purchases. Early replacement buyers are consumers who replace a product during the early part of its lifetime, while late replacement buyers make replacement purchases late in the product’s lifetime. In particular, Bayus studied automobile replacement purchases. Consumers who traded in cars with ages of zero to three years and mileages of no more than...
In an article in the Journal of Marketing, Bayus studied the differences between "early replacement buyers”...
In an article in the Journal of Marketing, Bayus studied the differences between "early replacement buyers” and "late replacement buyers” in making consumer durable good replacement purchases. Early replacement buyers are consumers who replace a product during the early part of its lifetime, while late replacement buyers make replacement purchases late in the product’s lifetime. In particular, Bayus studied automobile replacement purchases. Consumers who traded in cars with ages of zero to three years and mileages of no more than...
t Hypothesis Test for Population Mean Show that the mean age of all buyers is below...
t Hypothesis Test for Population Mean Show that the mean age of all buyers is below 40. After collecting a random sample of 5 buyers you find a sample mean of 35 and the sample standard deviation of 8. Assume the distribution of age is normal. Test at a 10% significance level. a. What is the alternative hypothesis? b. What is the table value? c. What is the rejection value? d. What is the test statistic value? e. What is...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT