9.4 Excel Activity 2c - Hypothesis Test for Mean:

The mean price for used cars is $10,419. A manager of a Kansas City used car dealership reviewed a sample of 50 recent used car sales at the dealership in an attempt to determine whether the population mean price for used cars at this particular dealership differed from the national mean.

The prices for the sample of 50 cars are contained in the Excel Online file below. Construct a spreadsheet to answer the following questions.

(SEE EXCEL DATA)

https: X Study X Mind x Excel X Ceng X Reloci X C Fowle X C The Ti X *Cours X + X about:blank G R ? . . . Excel template - Saved File Home Insert Formulas Data Review View Help Tell me what you want to do Comments 6 X Cut Arial 10 AA E ap Wrap Text Number AutoSum ~ 48 0 Paste [ Copy BIUDab A. Merge & Center $ ~ % 9 08 Conditional Format Cell Insert Delete Format Sort & Find & Format Painter Formatting . as Table . Styles Clear Filter ~ Select Undo Clipboard Font Alignment Number Tables Cells Editing D4 B C D E F G H K M N O Formulas WN Sale Price 8006 Sample Size 50 10553 10437 Sample Mean (to the whole number) #N/A 11399 10918 Sample Standard Deviation (to the whole number) #N/A 11851 8980 Hypothesized Mean 10419 8541 11183 Test Statistic (3 decimals) #N/A 10268 12855 Degrees of Freedom #N/A 13 7407 14 7739 p-value (4 decimals) #N/A 15 7077 16 10689 Level of Significance (Alpha) 0.05 17 11361 18 12773 Reject Null Hypothesis? #N/A 19 7409 Can conclude the population mean price at this 20 12347 dealership differs from the national mean price? #N/A 21 1561 4 Data + Calculation Mode: Automatic Workbook Statistics Help Improve Office - 100% + Type here to search O EI P W O 6:57 AM 65 10/3/2020 23CENGAGE |MINDTAP Q Search this course 9.4 Excel Activity 2c - Hypothesis Test for Mean, o Unknown (Structured) Question 1 6.67/10 Video Submit The mean price for used cars is $10,419. A manager of a Kansas City used car dealership reviewed a sample of 50 recent used car sales at the dealership in an attempt to determine whether the population mean price for used cars at this particular dealership differed from the national mean. The prices for the sample of 50 cars are contained in the Excel Online file below. Construct a spreadsheet to answer the following questions. X Open spreadsheet a. Formulate the hypotheses that can be used to determine whether a difference exists in the mean price for used cars at the dealership. Ho :u= VO $10,419 Ha : u # $10,419 b. What are the test statistic and the p-value? Do not round intermediate calculations. t (to 3 decimals) p-value (to 4 decimals) c. At a = 0.05, what is your conclusion? Reject the null hypothesis. We have sufficient evidence to conclude that the population mean price at this dealership differs from the national mean price of $10,419. Back Nexthttps: x Study X Mind X Excel X Ceng X Reloci X C Fowle X C The Ti X *Cours X + X about:blank G R ? . . . Excel template - Saved File Home Insert Formulas Data Review View Help Tell me what you want to do Comments 6 X Cut Arial 10 AA ab Wrap Text Number TIX AutoSum ~ 28 0 Paste [e Copy Format Painter BIUDab A. BEE E Merge & Center $ ~ % 9 08 Conditional Format Cell Insert Delete Format Clear Sort & Find & Formatting ~ as Table . Styles Filter ~ Select Undo Clipboard Font Alignment Number Tables Cells Editing D4 A B C D E F G H K M N O 20 12347 dealership differs from the national mean price? #N/A 21 11561 22 12385 23 12512 24 8586 25 10376 26 10414 27 7546 28 7702 29 6654 30 11543 31 7154 11254 8891 34 6369 12434 36 11781 37 9589 38 7436 39 7735 40 7347 41 10945 4 8 Data + Calculation Mode: Automatic Workbook Statistics Help Improve Office - 100% + Type here to search O EI w X O O 6:57 AM 65 10/3/2020 23