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ACCORDING TO THE NATIONAL AUTOMOBILE DEALERS ASSOCIATION, THE MEAN PRICE FOR USED CARS IS $10,192.

ACCORDING TO THE NATIONAL AUTOMOBILE DEALERS ASSOCIATION, THE MEAN PRICE FOR USED CARS IS $10,192.

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Author: Christine Farr
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http://theperfecthomework.com/according-to-the-national-automobile-dealers-association-the-mean-price-for-used-cars-is-10-192/

According to the National Automobile Dealers Association, the mean price for used cars is $10,192.A manager of a Kansas City used car dealership claims that his prices are differentthan the national mean.  To test his claim, he randomly selected 50cars from his dealership.The salesprices for those 50 cars are in this data set. Use 0.05 as your level of significance.
 
1.  What is the alternative hypothesis?  
2.  Compute the sample mean.
3.  Compute the sample standard deviation.
4.  Compute the test statistic.
5.  What are the degrees of freedom?
6.  Compute the p-value using Excel.
7.  What is your decision?  What does this decision mean in the context of this problem?
 
Sale Price
12400
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8895
7675
9975
6350
10470
9895
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8795
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9395
11000
10640
10000
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10440
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9740
9280
10930
8000
9000
7680
9400
10730
7350
12240
11970
8240
9910
10080
9440
8970
9500
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10130
11400
8500
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