According to a report from TrueCar.com, the average transaction price for a new vehicle reached a record high in August 2013 of $31,252.7 A transaction price of a vehicle is the out-the-door-price, which includes the price of the vehicle, discounts, add-ons, taxes, and license fees. A random sample of new vehicles purchased in August 2014 was obtained, and the transaction price of each was recorded. Assume that the underlying distribution of newvehicle transaction price is continuous. CARPRICE
a. Is there any evidence to suggest that the median new vehicle transaction price has increased (from ($31,252)?
b. Why is the median, rather than the mean, new-vehicle transaction price a better measure of the center of this distribution?
Over the past several years, Times Square in New York City was made pedestrianonly, and protected bike lanes were added to five avenues in the middle of Manhattan. In addition, a new bike-share program has become extremely popular. As a result of these changes, motor vehicle traffic is actually moving more smoothly into and through Manhattan.8 One measure of better traffic flow is the speed of a taxi ride. After carefully reviewing taxi records, a random sample of similar trips before and after the changes to Times Square were obtained. The average speed (in mph) of each trip was recorded. Use the sign test with a = 0.05 to determine whether there is any evidence that the median speed of a taxi trip is faster after the changes to Times Square. Find the p value associated with this test.