Question

Consider the claim that the average price of a used Toyota Camry in the USA at the time the data
was collected was equal to$13,500. Use the variable “Price” to test this claim. (Use the 10%
level of significance).

Data of price.

17020
17115
17170
17235
17350
17365
17385
17435
17485
17565
17620
17735
17765
17935
17935
17985
18000
18035
18235
18985
17965
7850
7960
8510
8930
9560
9620
9640
9995
10290
10370
10390
10520
11440
6990
7240
8000
8040
8300
8520
8620
9010
9090
9600
10400
10500
11040
11170
12650
13515
14735
12630
13450
13610
13840
14320
15000
15200
15335
16060
16160
16420
16650
16820
16885
16920
17250
17550
17665
14250
14375
14700
15250
17780
18000
19300
19490
10600
10650
10790
11690
12070
12730
12760
12900
13090
13170
13380
13430
13470
13550
13560
13865
14270
14640
14840
14970
15445
17485
18320
15185
16500
17550
11950
12550
12780
12980
13080
13085
13130
13200
13230
13250
13280
13450
13600
13700
13900
13935
13980
14000
14080
14115
14135
14300
11750
16150
16650
17585
17850
17900
17980
18200
18250
18335
18550
18650
18865
18880
24700
23050
6200
7700
8280
9150
9775
10140
10200
13520
8150
8300
9490
9700
10095
10410
10510
10550
10580
10765
12370
14525
9310
11050
14400
15550
15560
15850
15935
16035
16085
16400
16550
16785
18440
18990
18390
12151
12265
12440
12510
12635
12760
12890
13275
13490
13680
13730
13870
14650
15405
16150
16860
18100
12280
12550
12950
13050
13130
13250
13300
13350
13385
13450
13630
13700
13880
13985
14085
14085
14100
14780
14880
14935
15030
15130
15350
15780
21100
15200
15250
15650
15980
16100
16230
16400
16980
17050
17300
19615
15650
8590
10995
11620
12090
9590
10870
11100
11105
11950
13250
15080
15700
16680
17100
18310
15250
10910
14100
14495
14635
16950
12030
12465
12850
12950
13035
13380
13700
14030
14065
14500
14685
14800
17800
7195
7250
7330
7520
7850
8080
8430
9160
9215
10260
11200
8540
8775
8850
9310
9760
11035
11240
12180
14680
10150
10900
11050
11600
11985
12370
12510
12695
12785
12920
13250
13360
13500
13785
13850
13905
13950
14060
14180
14200
14710
14745
14940
15065
15150
15450
15530
15750
15850
16030
16035
16825
18405
11815
12240
12645
13000
13435
13680
13730
13820
13850
14370
14410
14955
15285
15685
16955
12680
13000
13100
13250
13415
13430
14185
16550
15730
16350
16535
16935
17700
17980
19085
24830
6520
6670
6910
7370
8190
8890
9035
9210
9320
11250
11940
8585
8760
8900
8960
9630
9650
9725
10205
10520
10790
11610
12170
13030
12210
12650
13520
13830
13885
14050
14120
14350
14355
15650
16040
16350
16995
17600
18170
11561
12210
12740
12860
13410
13420
13470
13510
13590
13595
13610
13705
15890
12880
13450
14350
16550
16750
17300
17815
4840
6600
7400
7475
7660
8340
8670
8950
10040
10370
7400
8360
8435
10755
10930
9395
13900
11000
11970
11990
12120
12560
12810
13000
13030
13100
7660
8600
8810
8930
9020
9020
9715
9830
10030
10440
7740
8090
9580
10310
10380
11810
10220
10900
11255
10130
12430
12950
13375
13840
14080
14185
14235
14320
14340
15135
15785
15995
16000
16450
16615
16870
17510
17640
18335
18470
19380
12635
15260
12200
12730
13050
15450
15795
16095
16900
15780
15840
11750
12350
12880
13850
14000
15165
19265
5130
7610
8750
9510
9750
9950
10210
11620
8360
8850
9280
10180
12825
12110
15415
14635
16985
17390
16290
12120
12765
12880
13010
13425
14395
15775
16585
12180
13300
13930
15400
17080
15320
8960
7655
8760
9510
9750
10125
11835
12160
12500
12920
13300
13305
13385
13400
13450
13850
13985
14300
14350
14390
14500
14550
14935
15050
15100
15400
15400
15535
15660
15735
16235
17140
17600
17670
17835
17850
18580
19310
14285
15300
15550
11600
12740
12780
12820
13230
14040
14350
14860
15700
16600
21085
12450
12450
12800
12800
12800
12900
12980
13015
13036
13180
13216
13250
13250
14000
19300
19630
15500
16450
16480
18450
18885
26730
5760

Answer 1

The hypothesis being tested is:

H₀: µ = 13500

H_a: µ ≠ 13500

13,500.000	hypothesized value
13,497.515	mean Data
3,214.349	std. dev.
131.225	std. error
600	n
599	df
-0.019	t
.9849	p-value (two-tailed)

The p-value is 0.9849.

Since the p-value (0.9849) is greater than the significance level (0.10), we fail to reject the null hypothesis.

Therefore, we can conclude that the average price of a used Toyota Camry in the USA at the time the data
was collected was equal to $13,500.

Please give me a thumbs-up if this helps you out. Thank you!