Essentials of Business Analytics (MindTap Course List)

2nd Edition

ISBN: 9781305627734

Author: Jeffrey D. Camm, James J. Cochran, Michael J. Fry, Jeffrey W. Ohlmann, David R. Anderson

Publisher: Cengage Learning

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Textbook Question

Chapter 6, Problem 36P

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 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 tile named UsedCars.

a. Formulate the hypotheses that can be used to determine whether a difference exists in the mean price for used cars at the dealership.
b. What is the p value?
c. At α = 0.05, what is 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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Chapter 6, Problem 35P

Chapter 6, Problem 37P

Chapter 6 Solutions

Essentials of Business Analytics (MindTap Course List)

Ch. 6 - The American League consists of 15 baseball teams....Ch. 6 - The U.S. Golf Association is considering a ban on...Ch. 6 - A simple random sample of 5 months of sales data...Ch. 6 - Morningstar publishes ratings data on 1,208...Ch. 6 - One of the questions in the Pew Internet &...Ch. 6 - In this chapter we showed how a simple random...Ch. 6 - The College Board reported the following mean...Ch. 6 - Prob. 8P Ch. 6 - The Economic Policy Institute periodically issues...Ch. 6 - The state of California has a mean annual rainfall...

Ch. 6 - The president of Doerman Distributors, Inc.,...Ch. 6 - Prob. 12P Ch. 6 - People end up tossing 12% of what they buy at the...Ch. 6 - Prob. 14P Ch. 6 - The International Air Transport Association...Ch. 6 - Prob. 16P Ch. 6 - Health insurers are beginning to offer...Ch. 6 - The average annual premium for automobile...Ch. 6 - Prob. 19P Ch. 6 - According to Thomson Financial, last year the...Ch. 6 - The Pew Research Center Internet Project conducted...Ch. 6 - For many years businesses have struggled with the...Ch. 6 - The manager of the Danvers-Hilton Resort Hotel...Ch. 6 - The manager of an automobile dealership is...Ch. 6 - A production line operation is designed to fill...Ch. 6 - Because of high production-changeover time and...Ch. 6 - Duke Energy reported that the cost of electricity...Ch. 6 - Prob. 28P Ch. 6 - Carpetland salespersons average 8,000 per week in...Ch. 6 - Suppose a new production method will be...Ch. 6 - Prob. 31P Ch. 6 - A shareholders’ group, in lodging a protest,...Ch. 6 - Prob. 33P Ch. 6 - Prob. 34P Ch. 6 - Prob. 35P Ch. 6 - According to the National Automobile Dealers...Ch. 6 - What percentage of the population live in their...Ch. 6 - Prob. 38P Ch. 6 - Ten years ago 53% of American families owned...Ch. 6 - Prob. 40P Ch. 6 - Prob. 41P Ch. 6 - Prob. 42P Ch. 6 - The Port Authority sells a wide variety of cables...Ch. 6 - The Port Authority also wants to determine if the...Ch. 6 - Prob. 1C

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Solution Summary: The author explains the null and alternative hypothesis for mean price 10,192. The sample mean is 9750 and the sample standard deviation is 1400.

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