Suppose a guide book gives a certain car a retail value of $18,000. The table below shows asking prices, in dollars, for a sample of the same car model and year. At the 10% significance level, do the data provide sufficient evidence to conclude that the mean asking price of the car is less than the listed retail value?16,60216,17016,04815,93915,642 15,56014,54613,54915,66615,744 Set up the hypotheses for the Wilcoxon signed-rank test. H0:μHa:μDetermine the test statistic. The test statistic isW=Identify the critical value(s). Select the correct choice below and fill in the answer box within your choice.A.The critical value isenter your response here. B.The critical values areenter your response hereandenter your response here.(Use ascending order.) Determine the proper conclusion.RejectDo not rejectthe null hypothesis. The data providedo not providesufficient evidence to conclude that the mean asking price of the car is the same asless thandifferent fromgreater than the listed retail value.

Data(x)16602161701604815939156421556014546135491566615744

Answered: Suppose a guide book gives a certain…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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Suppose a guide book gives a certain car a retail value of $18,000. The table below shows asking prices, in dollars, for a sample of the same car model and year. At the 10% significance level, do the data provide sufficient evidence to conclude that the mean asking price of the car is less than the listed retail value?

16,602	16,170	16,048	15,939	15,642
15,560	14,546	13,549	15,666	15,744

Set up the hypotheses for the Wilcoxon signed-rank test.

H0:μ

Ha:μ

Determine the test statistic.

The test statistic is

Identify the critical value(s). Select the correct choice below and fill in the answer box within your choice.

The critical value is

enter your response here.

The critical values are

enter your response here

and

enter your response here.

(Use ascending order.)

Determine the proper conclusion.

Reject

Do not reject

the null hypothesis. The data

provide

do not provide

sufficient evidence to conclude that the mean asking price of the car is

the same as

less than

different from

greater than

the listed retail value.

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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