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3. A real estate company is interested in assessing the average sale price of houses in...
Homes for Sale A real estate agent is interested in the current housing prices in a particular neighborhood in New York. A random sample of 30 homes for sale in the neighborhood was taken and the current listed price of each home was recorded. The data can be found in the JMP file “HomesForSale-NY-S2019.jmp” (c) Report the degrees of freedom associated with the t-distribution required to construct a confidence interval for the mean for these data. (d) Based on your...
The average weight at birth of babies is µ = 7.7 lbs. with a standard deviation of σ = 1.1 lbs. A mother, interested to see whether the babies born in Santa Cruz in September were heavier or lighter than the national average, gathered data from n = 36 babies and found a mean weight of M = 8.9 lbs. a) Calculate the Z-test value. b) What are the z-critical values if we want to use an .01 alpha level?...
The sample data consist of 23 houses from a specific city yielded the average house price $226,460 and the standard deviation of the house price $11,500. Use a significance level 0.01 to test whether the mean house price of the whole city is more than $220,000. Compute the value of the test statistic, and P-value for the specified hypothesis test and state your conclusion. Assume the house prices of this city follows normal distribution. Question 2 options: Test statistic: t...
The sample data consist of 23 houses from a specific city yielded the average house price $226,460 and the standard deviation of the house price $11,500. Use a significance level 0.01 to test whether the mean house price of the whole city is more than $220,000. Compute the value of the test statistic, and P-value for the specified hypothesis test and state your conclusion. Assume the house prices of this city follows normal distribution. Test statistic: t = 2.69, p-value...
A real estate investor thinks the real estate market has bottomed out. One of the variables he examined to arrive at this conclusion was the proportion of houses sold at or above the asking price. Last year, the proportion of houses sold at or above the asking price was 14%. The real estate investor takes a random sample of 40 recently sold houses and finds that nine of them are selling at or above the asking price.a. Specify the population...
An economist wants to find a 90% confidence interval for the mean sale price of houses in a state. How large a sample should she select so that the estimate is within $3500 of the population mean? Assume that the standard deviation for the sale prices of all houses in this state is $31,500. answer is 221 but unsure of how to get this answer
A real estate agent has claimed that the average home prices in Lindville (L) and Jamesville (J) are equal. Suppose that a random sample of 18 Lindville homes resulted in a sample mean price of $235,000 with a sample standard deviation of $22,000. A random sample of 12 Jamesville homes resulted in a sample mean price of $245,000 with a sample standard deviation of $24,000. Test the real estate agent's claim at the 5% significance level. Assume that population variances...
The Canadian Real Estate Association is interested in determining if the average commission payed to the real estate agents has increased in the last ten years. Ten years ago, the average commission was 4%. A random sample of 25 commissions payed to real estate agents had an average of 4.75%. The population standard deviation is 1.36%. Does this indicate that the population average commission payed to real estate agents has increased? use a 5% level of significance. Assume x is...
It is known from past information that the average house in America has 2.5 bedrooms. Suppose I take a sample of 28 houses now and find that the average number of bedrooms the homes have is 2.85 with a sample standard deviation of .83. I’m interested in seeing if there is evidence that the average number of bedrooms has increased. Using my sample of 28 houses, what would be the 95% confidence interval for the population mean? What are the...
The average sale price of one-family houses in the United States for January 2016 was $250,000 and the standard deviation is $48,500. Assume the distribution is normal. Using the Empirical Rule, find the price that is higher than 84% of the rest.