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A company believes that the average price of its new model is less than the claimed...

A company believes that the average price of its new model is less than the claimed value of $11,500 (with a standard deviation of $700). A check of the sticker prices on 32 cars finds the average price is $11,200. At  α = 0.05, test the company's belief.

Math   Statistics-And-Probability   
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That is, there is sufficient evidence to conclude that the average price of its new model is less than the claimed value of $11,500
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