A car dealership buys a car for $12,500 and sells it for $15,750. What is the percent markup( percent increase)
1 answer:
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Answer:
The calculated t- value = 1.09 > 3.19 at 0.025 level of significance
Null hypothesis is rejected
There is sufficient evidence to support the claim that the bags are underfilled
Step-by-step explanation:
<u><em>Step(i)</em></u>:-
Given the mean of the Population(μ) = 419 grams
The sample size 'n' =19
Given mean of the sample x⁻ = 412
Given variance of the sample S² = 784
S = √784 = 28
<u><em>Step(ii)</em></u>:-
<u><em>Null hypothesis: H₀</em></u>: There is no sufficient evidence to support the claim that the bags are underfilled.
<u><em>Alternative hypothesis: H₁:</em></u>
There is sufficient evidence to support the claim that the bags are underfilled.
Test statistic
t = -1.09
|t| = |-1.09|
<em>Degrees of freedom ν = n-1 = 19-1 =18</em>
<em>t₀.₀₂₅ = 3.19</em>
<u><em>Final answer:</em></u><em>-</em>
The calculated t- value = 1.09 > 3.19 at 0.025 level of significance
Null hypothesis is rejected
There is sufficient evidence to support the claim that the bags are underfilled