The average price of homes sold in the U.S. in the past year was $220,000. A...
The average price of homes sold in the U.S. in the past year was
$220,000. A random sample of 81 homes sold this year showed an
average price of $210,000. It is known that the standard deviation
of the population is $36,000. At 95% confidence test to determine
if there has been a significant decrease in the average price
homes.
a.State the null and alternative hypotheses to be tested.
b.Compute the test statistic.
c.Compute the p-value.
d.What do you conclude?
Homework Answers
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The average price of homes sold in the U.S. in the past year was
$220,000. A...
The average price of homes sold in the U.S. in the past year was $220,000. A...
The average price of homes sold in the U.S. in the past year was $220,000. A random sample of 81 homes sold this year showed an average price of $210,000. It is known that the standard deviation of the population is $36,000. At a 1% level of significance, test to determine if there has been a significant decrease in the average price of homes. Reject HO Do not reject HO Do not accept HA Not enough information provided
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It is known from past information that the average house in America has 2.5 bedrooms. Suppose...
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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 a
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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. Question 2 options: Test statistic: t...
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...
2) Is the average gas price in Massachusetts lower than the national average? According to AAA...
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Refer to the Real Estate data, which report information on the homes sold in Goodyear, Arizona, last year. a. A recent article in the Arizona Republic indicated that the mean selling price of the home...
Refer to the Real Estate data, which report information on the
homes sold in Goodyear, Arizona, last year.
a. A recent article in the Arizona Republic indicated that the
mean selling price of the homes in the area is more than $220,000.
Can we conclude that the mean selling price in the Goodyear, AZ,
area is more than $220,000? Use the .01 significance level. What is
the p-value?
b. The same article reported the mean size was more than 2,100...
The average price of homes sold in the U.S. in the past year was $220,000. A random sample of 81 homes sold this year showed an average price of $210,000. It is known that the standard deviation of the population is $36,000. At a 1% level of significance, test to determine if there has been a significant decrease in the average price of homes. Reject HO Do not reject HO Do not accept HA Not enough information provided
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...
2) Is the average gas price in Massachusetts lower than the national average? According to AAA Gas Prices (http://gasprices.aaa.com/), the average gas price in the U.S. as of October 2019 was $2.61 with a standard deviation of $0.23. A random sample of 30 gas stations in Massachusetts had a mean of $2.56. The null and alternative hypotheses for a hypothesis test for these data are: Ho: Gas = 2.61 HA: Gas 2.61 A hypothesis test at the 0.05 level of...
Refer to the Real Estate data, which report information on the
homes sold in Goodyear, Arizona, last year.
a. A recent article in the Arizona Republic indicated that the
mean selling price of the homes in the area is more than $220,000.
Can we conclude that the mean selling price in the Goodyear, AZ,
area is more than $220,000? Use the .01 significance level. What is
the p-value?
b. The same article reported the mean size was more than 2,100...
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