A realtor in Mission Viejo, California, believes that the standard deviation of house prices is more than

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A realtor in Mission Viejo, California, believes that the standard deviation of house prices is more than 100 units, where each unit equals $1,000. Assume house prices are normally distributed.

a. State the null and the alternative hypotheses for the test.

b. Calculate the value of the test statistic.

c. Use Excel's function (CHISQ.DIST.RT or CHISQ.DIST) to calculate the p-value.

d. At α = 0.05, what is the conclusion? Is the realtor's claim supported by the data?

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Business Statistics Communicating With Numbers

ISBN: 9780078020551

2nd Edition

Authors: Sanjiv Jaggia, Alison Kelly

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Question Posted: Dec 20, 2016 09:16 AM

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A realtor in Mission Viejo, California, believes that the standard deviation of house prices is more than

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a H 0 2 10000 thousands 2 H A 2 10000thousands 2 b Using Excel we find s 2 105279...View the full answer

Business Statistics Communicating With Numbers

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