Recall from Exercise 8.12 that Bayus (1991) studied the mean numbers of auto dealers visited by early and late replacement buyers.
(1) Letting μ be the mean number of dealers visited by all late replacement buyers, set up the null and alternative hypotheses needed if we wish to attempt to provide evidence that m differs from 4 dealers.
(2) A random sample of 100 late replacement buyers gives a mean and a standard deviation of the number of dealers visited of 4.32 and .67, respectively. Use critical values to test the hypotheses you set up by setting a equal to .10, .05, .01, and .001.
(3) Do we estimate that μ is less than 4 or greater than 4?

  • CreatedMay 28, 2015
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