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. Find 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: 9781259957611

3rd Edition

Authors: Sanjiv Jaggia

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Question Posted: May 06, 2019 07:04 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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Business Statistics Communicating With Numbers

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