A car dealer who sells only late-model luxury cars recently hired a new salesperson and believes that this salesperson i
Posted: Wed May 11, 2022 8:03 am
A car dealer who sells only late-model luxury cars recently
hired a new salesperson and believes that this salesperson is
selling at lower markups. He knows that the long-run average markup
in his lot is $5,600. He takes a random sample of 16 of the new
salesperson's sales and finds an average markup of $5,000 and a
standard deviation of $800. Assume the markups are normally
distributed, and use a 2% significance level.
What is the p-value associated with the test statistic
in the previous question for the car dealer's hypothesis test?
(Enter your answer as a percentage without the percent sign,
rounded to 1 decimal place.)
hired a new salesperson and believes that this salesperson is
selling at lower markups. He knows that the long-run average markup
in his lot is $5,600. He takes a random sample of 16 of the new
salesperson's sales and finds an average markup of $5,000 and a
standard deviation of $800. Assume the markups are normally
distributed, and use a 2% significance level.
What is the p-value associated with the test statistic
in the previous question for the car dealer's hypothesis test?
(Enter your answer as a percentage without the percent sign,
rounded to 1 decimal place.)