t aieas 5.86 A car buyer wanted to compare prices of 3-year-old BMW and Mercedes
ID: 3041906 • Letter: T
Question
t aieas 5.86 A car buyer wanted to compare prices of 3-year-old BMW and Mercedes Benz automobiles found these prices (in thousands of dollars) listed in the classified ads: BMW 32 35 29 33 35 42 34 35 47 53 27 54 27 32 27 34 32 28 28 Mercedes 26 47 39 a. Use software to find the mean and standard deviation of prices for BMWs, to the nearest thousand dollars. thousand dollars. sample mean is a more accurate guess for the mean price of all such cars-BMW, Mercedes, or b. Use software to find the mean and standard deviation of prices for Mercedes, to the nearest The means and standard deviations are almost identical. For which type of car would you fel te both the same? d. If we use xi to denote the mean price of the 19 BMWs, and s, to denote the standard deviation od their prices, what should we use to denote the mean price of the four Mercedes? e. How should we denote the standard deviation of Mercedes Benz prices? f. How should we denote the mean price of all 3-year-old BMWs? g. How should we denote the standard deviation of prices of all 3-year-old BMWs?Explanation / Answer
a) The mean and standard deviation of prices for BMWs is given by (from software)
mean = 36 and S.D. = 9 (nearest thousand dollars)
b) The mean and standard deviation of prices for mercedes is given by (from software)
mean = 36 and S.D. = 9 (nearest thousand dollars)
c) Almost both are same but compared to mercedes BMWs sample mean is more accurate (s.d of BMW <s.d of mercedes)
d) x2 bar is the mean price of mercedes
e) s2
f) x1 bar
g) s1
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