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  3. a used car dealer says that the mean price of a th

A used car dealer says that the mean price of a three-year-old sport utility vehicle in...

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Basic Math

A used car dealer says that the mean price of a three-year-oldsport utility vehicle in good condition is $18,000. A random sampleof 20 such vehicles has a mean price of $18,450 and a standarddeviation of $1930. At ?=0.08, can the dealer’s claim be supported?No, since the test statistic of 1.04 is close to the critical valueof 1.24, the null is not rejected. The claim is the null, so issupported Yes, since the test statistic of 1.04 is not in therejection region defined by the critical value of 1.85, the null isnot rejected. The claim is the null, so is supported Yes, since thetest statistic of 1.04 is in the rejection region defined by thecritical value of 1.46, the null is rejected. The claim is thenull, so is supported No, since the test statistic of 1.04 is inthe rejection region defined by the critical value of 1.85, thenull is rejected. The claim is the null, so is not supported

Answer & Explanation Solved by verified expert
3.6 Ratings (324 Votes)
SolutionState the hypotheses The first step is tostate the null hypothesis and an alternative    See Answer
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