According to the rejection rule, if the value of Z calculated by the test statistic lies in critical area, then we reject the null hypothesis in favour of alternative hypothesis. On the other hand, if the value of test statistic does not fall in critical area then null hypothesis is accepted and alternative hypothesis is rejected.
The given test is a left tailed test. The significance value given in the question is 0.05, so the z-score corresponds to 0.05 is -1.645. The critical area for the given testing is the area less than -1.645 or the area left to the -1.645.
In the particular z-test, the value of test statistic -1.56 is greater than -1.645, that is why it does not lie in rejection region, so null hypothesis is accepted and alternative hypothesis is rejected. The above test shows that the population mean price for used Motor Bikes at the dealership is $A 20,000.
The statistical assessment shows that the sample of 100 used cars has actually helped the manager of the company to determine the actual mean price of used cars in the market. This statistical data analysis can be used in future to determine the potential prices of the cars. In future the manager can use historical pricing data to price the products and it will be recognised as historical based pricing methodology. For example, in future if the manager of Brisbane Motor Bike wants to determine the potential price of its specific model motor bike, he can collect the sample of same model motor bikes from the market and he can determine the potential price for the bike. The price data can be collected from the market. In this way, the manager will not only be able to price his products rightly but he will be also able to keep his prices market competitive, thereby, attracting ...
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