Refer to the Real Estate Data—Saskatoon online, which reports information on home listings.
a. A recent article indicated that the mean list price of the homes is less than $600000. Can we conclude that the mean list price is $350 000? Use the 0.01 significance level. Confirm your answer with the 99%
confidence interval. What is the p-value? Interpret the p-value.
b. The same article reported the mean size was 1500 square feet. Can we conclude that the mean size of homes listed is 1500 square feet? Use the 0.05 significance level. Confirm your answer with the 95% confidence interval. What is the p-value? Interpret the p-value.
c. Determine the proportion of listings that are houses. At the 0.05 significance level, can we conclude that more than 50% of the listings are houses? What is the p-value? Interpret the p-value.
d. Determine the proportion of homes with more than two bathrooms. At the 0.05 significance level, can we conclude that more than 50% of the homes listed have more than two bedrooms? What is the p-value? Interpret the p-value.