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 = 2.69, P-value = 0.9933. Do not reject the null hypothesis. There is not sufficient evidence to conclude that the mean is greater than $220,000 . The evidence against the null hypothesis is weak or none. |
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Test statistic: t = 2.69, P-value = 0.00669. Reject the null hypothesis. There is sufficient evidence to conclude that the mean is greater than $220,000 . The evidence against the null hypothesis is very strong. |
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Test statistic: t = 2.69, P-value = 0.0036. Reject the null hypothesis. There is sufficient evidence to conclude that the mean is greater than $220,000 . The evidence against the null hypothesis is very strong. |
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Test statistic: t = 0.56, P-value = 0.2877. Do not reject the null hypothesis. There is not sufficient evidence to conclude that the mean is greater than $220,000 . The evidence against the null hypothesis is weak or none. |
The statistical software output for this problem is :
Test statistic: t = 2.69, P-value = 0.00669. Reject the null hypothesis. There is sufficient evidence to conclude that the mean is greater than $220,000 . The evidence against the null hypothesis is very strong.
The sample data consist of 23 houses from a specific city yielded the average house price...
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...
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