Question

4) A used car dealer says that the mean price of a 2019 Honda CR-V is more than $24,443. You suspect this claim is incorrect and find that a random sample of 14 similar vehicles has a mean price of $25,050 and a standard deviation of $1084. Is there enough evidence to reject the dealer's claim at a = 0.02? Assume the price of used cars is normally distributed. (18 points total) Step 1: Write the hypothesis statements, identify which hypothesis is the claim, and the type of test you need to complete (left, right, two-tail). State the level of significance. (4 points) Step 2: State the calculator test you are using, the values that you entered, and calculate the appropriate standardized test statistic. Round to two decimals. (5 points) Step 3: Make a properly labeled and shaded sketch using the standardized test statistic value. State and label the associated p-value. Round to four decimals. (4 points) 0 1 Step 4: Conclusion (make a decision, include the justification) (2 points) Step 5: Interpretation (3 points)

Answer 1

na) 4 X=25050 M= 24,443 S1084 Step-1 The null and alternative hypothesis areir Hoil=24443 Haim >24443 ( Right failed test) Step-2 Test statistic to X-M slon -2.095 25050-24443 1084 /NT t=2.10 atau =hl=14-1=13 Step-3 P-value = P(t>ttest) = P(t> 2.10 ) (using t-table) P-value = 0280 Right tailed test Right P-value=0.0280 If Rejection Region test 2.10 Statistic

stelo-4 Decision : P-value > 2, since P-value greater than significance levee so fail to Reject Ho we stebi-5 The te is not sufficient evidence to claim that the mean price greater than 24443 No, there is not enough evidence to reject the deaded's claim ata= 0.02.