Hypothesis test-decision rule and test statistics

Reference no: EM13108468

A consumer magazine randomly selected 100 new hybrid car dealers from across the country, and created a list of retail prices. They want to know if the price differs from $25,000.

RQ: Is the average hybrid car dealer retail price different than $25,000 with a 95% confidence level? Use Alpha = .05

A. Choose the Hypothesis

H1: μ≠ $25,000. The mean hybrid car retail price is different than $25,000 with a 95% confidence level.

B. Specify the Decision Rule

C. Calculate the Test Statistic, P-value

D. Make the Decision

E. Give an interpretation of the Decision

Attach your Excel document with calculations.

Reference no: EM13108468

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