Used Jet Boats For Sale

According to the Australian Gold Coast Jet Ski Dealers Association, the average price used Jet Skis premium is $ A10, 300. A manager of a Gold Coast Jet Ski Dealer examined a sample of 100 recent sales of used boat at the dealership. The sample average price was A $ 9500 and the standard deviation of the sample was $ 700 A4. Let m denotes the population mean price for using Jet Skis to the dealership, test

Ho: m = RM 10,300
Ha: m <RM 10,300


= 0.05 level of significance.

(A) What is the critical value of the test statistic and what is the rejection rule?
(B) Calculate the value of the test statistic.
(C) What is your conclusion? Write a short report to analysis based on statistical evaluation of your situation and what further information you seek to meet to decide on the price of your product offering. Indicate where you will find more information or how to develop more information to help your business decisions on price.

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