Question

T test: 5) If a real estate market is strong, there will be a close relationship between the asking price for homes and the selling price. Suppose that one analyst believes that the mean difference between asking price and selling price for homes in a particular market area is less than $2000. To test this using an alpha level equal to .05, random sample of n=15 homes that have sold recently was selected. The difference between asking price and selling price data from the sample is in the following: $2053 $1396 $1038 $1693 $2473 $2755 $1854 $1931 $2084 $1747 $2303 $1664 $869 $1502 $2104 What should we conclude about the analysts claim? Solve the test statistic approach. Use the following statistics to solve the problem. n= 15 X = $1831.067 S= $506.59

Answer 1

solutions 5 consider the above given that - n=15, T = $1831.067 s= $506.59 null he pothesis Hoi u< $2000 alternate hypothesis He: U Z $2000 statistic value F = (x-4) (22) = (1831.067-2000) 566.59 Statistic value Ę = 1.29 critical Udue fc = tn-l, a = 44,005 = 1.76 the values is rejection region reject null hypo tesis in favour of a ter redive hypothes = the analysts claim is 'statistically insignificant