1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Mademuasel [1]
3 years ago
9

A car dealer who sells only late-model luxury cars recently hired a new salesman and believes that this salesman is selling at l

ower markups. He knows that the long-run average markup in his lot is $5,600. He takes a random sample of 16 of the new salesman's sales and finds an average markup of $5,000 and a standard deviation of $800. Assume the markups are normally distributed. What is the value of an appropriate test statistic for the car dealer to use to test his claim?
Business
1 answer:
Natasha2012 [34]3 years ago
4 0

Answer:

t=\frac{5000-5600}{\frac{800}{\sqrt{16}}}=-3      

Explanation:

Data given and notation      

\bar X=5000 represent the sample mean      

s=800 represent the standard deviation for the sample      

n=16 sample size      

\mu_o =5600 represent the value that we want to test    

\alpha represent the significance level for the hypothesis test.    

t would represent the statistic (variable of interest)      

p_v represent the p value for the test (variable of interest)  

State the null and alternative hypotheses.      

We need to conduct a hypothesis in order to determine if the mean is lower than 5600, the system of hypothesis would be:      

Null hypothesis:\mu \geq 5600      

Alternative hypothesis:\mu < 5600      

We don't know the population deviation, so for this case is better apply a t test to compare the actual mean to the reference value, and the statistic is given by:      

t=\frac{\bar X-\mu_o}{\frac{s}{\sqrt{n}}} (1)      

t-test: "Is used to compare group means. Is one of the most common tests and is used to determine if the mean is (higher, less or not equal) to an specified value".  

Calculate the statistic      

We can replace in formula (1) the info given like this:      

t=\frac{5000-5600}{\frac{800}{\sqrt{16}}}=-3      

You might be interested in
Which of the following is a correct formula when markup is based on selling price
oksano4ka [1.4K]
<span>perhaps u want the formula for the percentage of markup, giving the cost and selling price.
..(selling price) = (cost) + (Markup)
..(selling price) - (cost) = (markup)
so,
..(markup)/(selling price)*100% = ((selling price) - (cost))/(selling price) * 100%
.. =(1 -(cost)/(selling price))*100%

</span>
5 0
3 years ago
kendra always buys and uses wilson brand tennis balls. if she finds a penn or dunlop ball on the court, she gives it away. brand
Dmitry [639]

Considering the situation above, by building a strong brand, Wilson has effectively "<u>reduced the price elasticity of demand for its products</u>."

This is because the price elasticity of demand is a term in economics that defines the sensitivity of the quantity demanded of a commodity to its price.

Usually, the price elasticity of demand shows that when the price of a commodity increase, the quantity demanded decreases.

Thus, in this case, since it is said that Kendra allowed Wilson to charge a higher price and not lose many sales, therefore, Wilson has been able to reduce the price elasticity of demand for its products.

Learn more here: brainly.com/question/15654343

4 0
2 years ago
Examine how businesses can be organized and structured in general
enot [183]
Sole proprietorship
Partnership
Incorporation
4 0
3 years ago
Help me plz this is due in a hour
vfiekz [6]
Don’t give out personal info and don’t cyber bully people, don’t judge them either.
6 0
3 years ago
Read 2 more answers
guess what the m stands for in my username if you answer correctly u get brainliest (not that you care)
Scrat [10]

Answer:

Ummmm.... :/ McDonald's

8 0
3 years ago
Read 2 more answers
Other questions:
  • You live in a town with 300 adults and 200 children, and you are thinking about putting on a play to entertain your neighbors an
    9·1 answer
  • In 2015, a former Google engineer, Erica Baker, made a spreadsheetshowing pay disparities at the company. She shared the informa
    14·1 answer
  • Ivory Corporation, a calendar year, accrual method C corporation, has two cash method, calendar year shareholders who are unrela
    9·1 answer
  • (Economics) Under what circumstances would corn be considered a commodity?
    7·1 answer
  • Your son is born today and you want to make him a millionaire by the time he is 50 years old. You deposit $50,000 in an investme
    6·1 answer
  • Which industry is the source of essential raw materials?
    11·2 answers
  • Consider the following production​ function: q equals 9 LK plus 4 Upper L squared minus (one third )Upper L cubed . Given the fo
    13·1 answer
  • Can someone pls help me ASAP due today and I will mark brainlist
    10·1 answer
  • Travis Industries plans to issue perpetual preferred stock with an $11.00 dividend. The stock is currently selling for $95.50, b
    13·1 answer
  • Answer it ....the question is in the pic​
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!