Question
A real estate agent believes that the mean home price in the northern part of a county is higher than the mean price in the
A real estate agent believes that the mean home price in the northern part of a county is higher than the mean price in the southern part of the county and would like to test the claim. A simple random sample of housing prices is taken from each region. The results are shown below.
Southern Northern
Mean 155.056 168.889
Variance 345.938 560.928
Observations 18 18
Pooled Variance 453.433
Hypothesized Mean Difference 0
df 34
t Stat 1.949
P(T<=t) one-tail 0.030
t Critical one-tail 2.441
P(T<=t) two-tail 0.060
t Critical two-tail 2.728
Confidence Level 99%
Answer the following;
n=
Point estimate for the southern part of the county: xS=
Degrees of freedom: df=
p=
t=
Point estimate for the northern part of the county: xN=
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started