Sample Size = 81 Sample Mean = 4.97 % Sample Standard Deviation = 1.8 %
Does the sample data provide evidence to conclude that the dealership averages more than 4.5 % profit on sales of new cars( using a =. 10)? Use the hypothesis testing procedure outlined below.
a. Formulate the null and alternative hypotheses. b. State the level of significance.
c. Find the critical value( or values), and clearly show the rejection and nonrejection regions.
d. Compute the test statistic. e. Decide whether you can reject Ho and accept Ha or not. f. Explain and interpret your conclusion in part e. What does this mean?
g. Determine the observed p-value for the hypothesis test and interpret this value. What does this mean?
h. Does the sample data provide evidence to conclude that the dealership averages more than 4.5 % profit on sales of new cars( using a =. 10)?( Points: 24)
1.( TCO E) Bill McFarland is a real estate broker who specializes in selling farmland in a large western state. Because Bill advises many of his clients about pricing their land, he is interested in developing a pricing formula of some type. He feels he could increase his business significantly if he could accurately determine the value of a farmer’ s land. A geologist tells Bill that the soil and rock characteristics in most of the area that Bill sells do not vary much. Thus the price of land should depend greatly on acreage. Bill selects a sample of 30 plots recently sold. The data is found below( in Minitab), where X = Acreage and Y = Price($ 1,000s).
a. Analyze the above output to determine the regression equation. b. Find and interpret in the context of this problem.
c. Find and interpret the coefficient of determination( r-squared). d. Find and interpret coefficient of correlation.