A used car dealer says that the mean price of a three year old sports uility veh

Question

A used car dealer says that the mean price of a three year old sports uility vehicke s $23,000 You suspect this claim is incorrect and lind that a random sample of 21 siilar vehicles has a mean price of $23 806 and a standed of $1993 Is there evidence to reject the claim at a 0 107 Complete parts (a) throagh (e) below Assume the population is normally dekibuted (a) Wite the dlaim mathomatically and identily Ho and H Which of the following correctily staes and H OA. Ho»-$23,000 D. Ho»-$23,000 (b) Find the critical valuels) and identily the rejection region(s) OB. H, #823 000 p $23.000 OE. Hp $23,000 ,523,000 H,

Explanation / Answer

The statistical software output for this problem is:

One sample T summary hypothesis test:
: Mean of population
H0 : = 23000
HA : 23000

Hypothesis test results:

Hence,

a) Hypotheses: Option A is correct.

b) Critical values: -1.725, 1.725

c) Test statistic = 1.85

Rejection region: Option B; t < -1.725 and t > 1.725

d) Option D is correct.

e) Option D is correct.

Mean Sample Mean Std. Err. DF T-Stat P-value 23806 434.90826 20 1.8532644 0.0787

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