A used car dealer says that the mean price of a three-year-old sports utility vehicle is $21,000. You suspect this claim

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A Used Car Dealer Says That The Mean Price Of A Three Year Old Sports Utility Vehicle Is 21 000 You Suspect This Claim 1 (21.3 KiB) Viewed 51 times

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A used car dealer says that the mean price of a three-year-old sports utility vehicle is $21,000. You suspect this claim is incorrect and find that a random sample of 25 similar vehicles has a mean price of $21,861 and a standard deviation of $1950. Is there enough evidence to reject the claim at a = 0.01? Complete parts (a) through (e) below. Assume the population is normally distributed. (a) Write the claim mathematically and identify Ho and H₂ Which of the following correctly states Ho and H₂? OA. Ho: $21,000 Haikin 21,000 OD. Ho: $21,000 H₂H<$21,000 COS OB. Ho: >$21,000 Hus$21,000 O E. Ho: μ=$21,000 H₂ μ>$21,000 OC. Ho: * $21,000 H₂H $21,000 OF. Ho: 2$21,000 Hai H$21,000

(b) Find the critical value(s) and identify the rejection region(s). What is (are) the critical value(s), to? to = -2.093,2.093 (Use a comma to separate answers as needed. Round to three decimal places as needed.) Determine the rejection region(s). Select the correct choice below and fill in the answer box(es) within your choice. (Round to three decimal places as needed.) A. t 2.093 and t> 2.093 <t< B. t< D. t> (c) Find the standardized test statistic t. t = 1.87 (Round to two decimal places as needed.)

(d) Decide whether to reject or fail to reject the null hypothesis. A. Reject Ho because the test statistic is in the rejection region(s). B. Fail to reject Ho because the test statistic is not in the rejection region(s). OC. Fail to reject Ho because the test statistic is in the rejection region(s). D. Reject Ho because the test statistic is not in the rejection region(s). (e) Interpret the decision in the context of the original claim. OA. At the 5% level of significance, there is sufficient evidence to reject the claim that the mean price is $19,000. B. At the 5% level of significance, there is not sufficient evidence to reject the claim that the mean price is not $19,000. c. At the 5% level of significance, there is not sufficient evidence to reject the claim that the mean price is $19,000. D. At the 5% level of significance, there is sufficient evidence to reject the claim that the mean price is not $19,000.