According to Relators-R-Us, the average price per square foot of homes in western Kansas is $85...
According to Relators-R-Us, the average price per square foot of homes in western Kansas is $85 with a standard deviation of $11.24. Using recent sales figures that happened in the city of Hays, the relators wish to determine if the average price per square foot in Hays is significantly different at the 1% level. In using a collection of thirty-seven randomly homes recently sold in Hays, they found the average price of these home was at $88.25 per square foot.
A. Give the null and alternative hypotheses for this test.
B. Determine the value of the test statistic.
C. Determine the appropriate critical value(s).
D. Determine the P-value.
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According to Relators-R-Us, the average price per square foot of
homes in western Kansas is $85...
According to the National Association of Home Builders, the average cost of building a home in...
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Your answer is partially correct. Try again Suppose that in past years the average price per square foot for warehouses in the United States has been $32.29. A national real estate investor wants to determine whether that figure has changed now. The investor hires a researcher who randomly samples 48 warehouses that are for sale across the United States and finds that the mean price per square foot is $31.62, with a standard deviation of $1.27. Assume that prices of...
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