4. According to the National Automobile Dealers Association, the mean price for used cars is $10,192. A manager of a Kansas City used car dealership reviewed a sample of 100 recent used car sales at the dealership. The sample mean price was $9,300 and the sample standard deviation was $4500. Letting µ denote the population mean price for used cars at the Kansas City dealership, test H0: µ > 10,192 and H1: µ < 10,192 at a .05 level of significance.
a. What is the hypothesis testing conclusion?
b. What is the p-value?
c. What information does the hypothesis test result provide for the manager of the Kansas City dealership? What follow-up action might the manager want to consider?
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