A car company wants to know the monthly sales made in ($000), based on the brand of vehicle. The data collected was entered on a MINITAB spreadsheet for analysis. Exhibit II below was subsequently generated. Exhibit 2 ModelNMeanMedianTri.MeanStd DevS.E. MeanHyundai23109135107.64*1.34Toyota27165124143.659.5** You are required to test at the 5% level of significance the hypothesis that the average monthly earnings on Hyundai Vehicles is equal to $110,000 versus the alternative that it is different from $110,000. Complete the following:iv. State the decision rule.v. Give your decision based on the available sample evidence.vi. Hence, state your conclusion.

Name: A car company wants to know the monthly sales made in ($000), based on
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Description: A car company wants to know the monthly sales made in ($000), based on the brand of vehicle. The data collected was entered on a MINITAB spreadsheet for analysis. Exhibit II below was subsequently generated. Exhibit 2 ModelNMeanMedianTri.MeanStd Dev

Solution: Given information: n= 23 Sample size of Hyundai x= $109 Sample mean sx= 1.34 Standard…

Answered: A car company wants to know the monthly…

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018

18th Edition

ISBN:9780079039897

Author:Carter

Publisher:Carter

Chapter10: Statistics

Section10.3: Measures Of Spread

Problem 1GP

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A car company wants to know the monthly sales made in ($000), based on the brand of vehicle. The data collected was entered on a MINITAB spreadsheet for analysis. Exhibit II below was subsequently generated.

Exhibit 2

Model	N	Mean	Median	Tri.Mean	Std Dev	S.E. Mean
Hyundai	23	109	135	107.64	*	1.34
Toyota	27	165	124	143.65	9.5	**

You are required to test at the 5% level of significance the hypothesis that the average monthly earnings on Hyundai Vehicles is equal to $110,000 versus the alternative that it is different from $110,000.

Complete the following:

iv. State the decision rule.

v. Give your decision based on the available sample evidence.

vi. Hence, state your conclusion.

Definition Definition Measure of central tendency that is the average of a given data set. The mean value is evaluated as the quotient of the sum of all observations by the sample size. The mean, in contrast to a median, is affected by extreme values. Very large or very small values can distract the mean from the center of the data. Arithmetic mean: The most common type of mean is the arithmetic mean. It is evaluated using the formula: μ = 1 N ∑ i = 1 N x i Other types of means are the geometric mean, logarithmic mean, and harmonic mean. Geometric mean: The nth root of the product of n observations from a data set is defined as the geometric mean of the set: G = x 1 x 2 ... x n n Logarithmic mean: The difference of the natural logarithms of the two numbers, divided by the difference between the numbers is the logarithmic mean of the two numbers. The logarithmic mean is used particularly in heat transfer and mass transfer. ln x 2 − ln x 1 x 2 − x 1 Harmonic mean: The inverse of the arithmetic mean of the inverses of all the numbers in a data set is the harmonic mean of the data. 1 1 x 1 + 1 x 2 + ...

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