9.68 You have accepted a job in Taiwan and want optimize your commuting costs and rental costs. You are in the process of finalizing an apartment.

You are informed that a house in Taiwan is considered overpriced if it is sold at a price higher than 3,500 USD/m2. Use a classical hypothesis test to determine if there is enough evidence to conclude that the population mean price of the houses sold in 2013 was considered overpriced. The data is stored in the Taiwan Real Estate file. Use a probability of Type I error equal to 0.05.

Prepare a power curve for the test (Hint: Find the population mean values for b = 0.50, b = 0.25, b = 0.10, and b = 0.05, and plot those means versus the power of the test).