# According to the Hyundai Pak Dealers, the mean price for used cars is RS. 600,000. A Firm

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## Question:

# According to the Hyundai Pak Dealers, the mean price for used cars is RS. 600,000. A Firm reviewed a sample data of 40 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 in Rupees for the sample of 40 cars are shown in the Table 2. Table 2: Used Cars Data (Price in RS) 200000 700000 240000 665000 250000 220000 740000 470000 280000 285000 680000 245000 430000 335000 280000 210000 540000 400000 470000 980000 350000 450000 860000 530000 780000 510000 900000 250000 720000 270000 350000 600000 800000 275000 270000 200000 950000 640000 540000 210000 Formulate the hypotheses that can be used to determine whether a difference exists in the mean price for used cars at the dealership. a) At a two-tailed test with α = 0.01, b) At a left-tailed test with α = 0.10. Rubrics: Understanding & Formulate = 2 Marks Steps = 2 Marks Problem Solving = 1 Mark Correct Output = 1 Mark

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## Essentials of Business Statistics Communicating With Numbers

ISBN: 978-0078020544

1st edition

Authors: Sanjiv Jaggia, Alison Kelly