Question

According to the National Automobile Dealers Association, the mean price for used cars is $10,118. A manager of a Kansas City used car dealership reviewed a sample of 50 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 for the sample of 50 cars are shown in the table below. a. Formulate the hypotheses that can be used to determine whether a difference exists in the mean price for used cars at the dealership. H 0​:μ/H a​ :μ​

∣$10,118/$10,118

Answer 1

The null hypothesis (H0) states that the population mean price for used cars at the dealership is $10,118, while the alternative hypothesis (Ha) states that it is not $10,118.

Step-by-step explanation:

To determine whether a difference exists in the mean price for used cars at the dealership, we can use a hypothesis test. The null hypothesis (H0) states that the population mean price for used cars at the dealership is $10,118, while the alternative hypothesis (Ha) states that it is not $10,118.

We can express the hypotheses as follows:

• H0: μ = $10,118
• Ha: μ ≠ $10,118

To test these hypotheses, we can perform a t-test using the sample mean price for used cars at the dealership and the national mean price of $10,118.