Question

The mean price for used cars is $10,681. A manager of a Kansas City used car...

The mean price for used cars is $10,681. 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.
Sale Price
11068 Sample Size 50
11735
9145 Sample Mean (to the whole number)
6786
11780 Sample Standard Deviation (to the whole number)
11389
6471 Hypothesized Mean 10681
12100
8176 Test Statistic (3 decimals)
11639
8400 Degrees of Freedom
8086
12654 p-value (4 decimals)
8875
11482 Level of Significance (Alpha) 0.02
6568
6390 Reject Null Hypothesis?
6561
7642 Can conclude the population mean price at this dealership differs from the national mean price?
6841
8066
6605
10486
8843
9653
10360
12705
7856
11700
12101
11650
11304
9725
8607
11387
6475
7229
8945
7525
7109
12363
10625
12326
9690
6776
13198
8468
7862
12212
12723

What are the test statistic and the p-value? Do not round intermediate calculations.

test statistic (to 3 decimals)
p-value (to 4 decimals)
Math   Statistics-And-Probability   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Suppose that the national average price for used cars is $10,192. A manager of a local...
Suppose that the national average price for used cars is $10,192. A manager of a local used car dealership is interested in determining whether the population mean price for the used cars at this dealership is less than the national mean. A review of a sample of 36 recent used car sales resulted in a mean of $9,750 with a standard deviation of $1400. Test at the 5% level of significance.
DATAfile: UsedCars You may need to use the appropriate technology to answer this question. Suppose the...
DATAfile: UsedCars You may need to use the appropriate technology to answer this question. Suppose the mean price for used cars is $10,191. 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 shown in the file named...
The national population mean of used cars sold for $10, 500 during last year. The population...
The national population mean of used cars sold for $10, 500 during last year. The population standard deviation of these sales is $740. We want to determine if the sales prices for Mike’s car dealership of Washington were the same as the national population. We take a sample of 100 car sales from Mike’s lot and determined the sample mean to be $11,200. Set up the appropriate hypothesis test to determine if Mike's lot sale prices are the same as...
A national study of people who purchase cars found the mean age of a car buyer...
A national study of people who purchase cars found the mean age of a car buyer to be 48 and the population standard deviation 4 years. Your dealership decides to see if your customers fit this same pattern. A sample of 80 customers found the mean to be 46 years of age. Are your customers younger than the national average at the .005 level of significance? Use the five-step procedure to answer the question and include the p-value.
Answer the following questions keeping a minimum of 4 decimal places for intermediate calculations and round...
Answer the following questions keeping a minimum of 4 decimal places for intermediate calculations and round final answers to 2 decimal places.   You must show all your work to receive any marks According to the National Automobile Dealers Association, the mean price for used cars is $10, 192. 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 there is evidence that the...
in 1990, the mean amount of time car owners kept their cars was 6.3 yrs and...
in 1990, the mean amount of time car owners kept their cars was 6.3 yrs and the standard deviation of these times was 3 yrs. thinking this mean ownership time may have changed (in either direction) over the past decade, a poll of 100 randomly selected car owners was conducted, revealing that the sample mean length of time they plan to keep their cars is 6.99 yrs. we will assume the standard deviation of all times is still 3 years....
A sample of 70 is used and the population standard deviation is 6. Use the critical...
A sample of 70 is used and the population standard deviation is 6. Use the critical value approach to state your conclusion for each of the following sample results. Use = .05. a. With x̄ = 52.5, what is the value of the test statistic (to 2 decimals)? Can it be concluded that the population mean is greater than 50? b. With x̄ = 51, what is the value of the test statistic (to 2 decimals)? Can it be concluded...
The mean and standard deviation for mileage of used cars on a local car lot are...
The mean and standard deviation for mileage of used cars on a local car lot are x̄ = 64,582 and Sx = 25,413. The mean and standard deviation for price of used cars on a local car lot are ȳ = $5,635 and Sy = $2,469. The correlation coefficient is r = −0.634. Find the equation for the least-squares regression line to predict the price given the number of miles of a used car on the local car lot. (3...
Consider the market for used cars. The overall population of used cars is a fraction p...
Consider the market for used cars. The overall population of used cars is a fraction p plums and a fraction (1 ? p) lemons. Used car sellers value plums at $2,000 and lemons at $1,000. Used car buyers value plums at $2,400 and lemons at $1,200. There is asymmetric information. The seller of a car knows the type of the car and the potential buyer does not. Market equilibrium is defined as a Nash equilibrium. 1) Suppose p = 0.5....
Car and Taxi Ages The mean age of cars is no more than the mean age...
Car and Taxi Ages The mean age of cars is no more than the mean age of taxis. A sample of 22 cars reveal a mean age of 10.2 years with a standard deviation of 2.6 years. A sample of 38 cars reveal a mean age of 11.4 years with a standard deviation of 3.2 years. Use the 10% level of significance to answer the following questions. 39. What is the hypothesis? 40. What are your critical value(s)? 41. What...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT