3. Answer the following questions using the HYBRIDCARS data (on D2L).

3. Answer the following questions using the HYBRIDCARS data (on D2L).

The data containsa sample of prices for the Toyota Prius collected in July 2006 from n=160 dealers.

a) Give H0 and HA for testing whether the average July 2006 price was $25,000.

b) Calculate and interpret the p-value of the test.

c) State the appropriate conclusion for the test if α = 5%

d) State the appropriate conclusion for the test if α = 1%

e) Calculate a 95% confidence interval for the average Prius price and explain how it leads tothe same conclusion as part c)