Recall from Exercise 8.12 that Bayus (1991) studied the mean numbers of auto dealers visited by early and late replacement buyers. (1) Letting m be the mean number of dealers visited by all late replacement buyers, set up the null and alternative hypotheses needed if we wish to attempt to provide evidence that m differs from 4 dealers. (2) A random sample of 100 late replacement buyers yields a mean and a standard deviation of the number of dealers visited of x = 4.32 and s = .67. Use critical values to test the hypotheses you set up by setting a equal to .10, .05, .01, and .001. (3) Do we estimate that m is less than 4 or greater than 4?
Text Book: Business Statics in Practice By BOWERMAN.