A car company wants to know the monthly sales made in ($000), based on the brand of vehicle. The data collected was entered on a MINITAB spreadsheet for analysis. Exhibit II below was subsequently generated. Exhibit 2 ModelNMeanMedianTri.MeanStd DevS.E. MeanHyundai23109135107.64*1.34Toyota27165124143.659.5** Determine the values of * and **.Give the unbiased point estimate for the average monthly earning from Hyundai Give the unbiased point estimate for the variance of monthly earning from Hyundai Assuming normality, construct and interpret a 90% confidence interval for the average monthly earning from Toyota You are required to test at the 5% level of significance the hypothesis that the average monthly earnings on Hyundai Vehicles is equal to $110,000 versus the alternative that it is different from $110,000.

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ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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A car company wants to know the monthly sales made in ($000), based on the brand of vehicle. The data collected was entered on a MINITAB spreadsheet for analysis. Exhibit II below was subsequently generated.

Exhibit 2

Model	N	Mean	Median	Tri.Mean	Std Dev	S.E. Mean
Hyundai	23	109	135	107.64	*	1.34
Toyota	27	165	124	143.65	9.5	**

Determine the values of * and **.
Give the unbiased point estimate for the average monthly earning from Hyundai
Give the unbiased point estimate for the variance of monthly earning from Hyundai
Assuming normality, construct and interpret a 90% confidence interval for the average monthly earning from Toyota
You are required to test at the 5% level of significance the hypothesis that the average monthly earnings on Hyundai Vehicles is equal to $110,000 versus the alternative that it is different from $110,000.

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