Confidence interval, Testing of Hypothesis
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1) Calculate 95% and 99% confidence intervals for the means selling price of Vehicles sold by Winter Pontiac.
2) Test the hypothesis that the mean selling price of automobiles sold by Winter Pontiac is less than $25,000. Use alpha= .05
To solve the problem 1 and 2 below use the following table
$20,197 $20,372 $17,454 $20,591 $23,651 $24,453 $14,266 $15,021 $25,683 $27,872
16,587 20,169 32,851 16,251 17,074 21,285 21,324 21,609 25,670 12,546 ←Lowest
12,953 16,873 22,251 22,277 25,034 21,533 24,443 16,889 17,004 14,357
17,155 16,688 20,657 23,613 17,895 17,203 20,765 22,783 23,661 29,277
17,642 18,981 21,052 22,799 12,794 15,263 33,625 14,399 14,968 17,356← Highest
18,442 18,722 16,331 19,817 16,766 17,633 17,962 19,845 23,285 24,896
26,076 29,492 15,890 18,740 19,374 21,571 22,449 25,337 17,642 20,613
21,220 27,655 19,442 14,891 17,818 23,237 17,445 18,556 18,639 21,296
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Solution Summary
The 95% and 99% confidence intervals for the mean selling price of vehicles sold by Winter Pontiac have been calculated. The solution tests the hypothesis that the mean selling price of automobiles sold by Winter Pontiac is less than $25,000.
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