Calculate and interpret the p-value of the test

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Reference no: EM13900852

Answer the following questions using the HYBRIDCARS data (on D2L).

The data containsa sample of prices for the Toyota Prius collected in July 2006 from n=160 dealers.

a) Give H0 and HA for testing whether the average July 2006 price was $25,000.

b) Calculate and interpret the p-value of the test.

c) State the appropriate conclusion for the test if α = 5%

d) State the appropriate conclusion for the test if α = 1%

e) Calculate a 95% confidence interval for the average Prius price and explain how it leads tothe same conclusion as part c)

Reference no: EM13900852

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