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A real estate agent Jennifer Nguyen was asked to analyze the onebed room condo prices in the GTA. She took a random sample of 11
A real estate agent Jennifer Nguyen was asked to analyze the onebed room condo prices in the GTA. She took a random sample of 11 condos in High Park and another random sample of 13 condos in Liberty Village. The sample means [in $ thousands) are $1 = 655 for High Park and 5:2 : 611 for Liberty Village. Historically, the population standard deviations (in $ thousands) are 01 : 93 for High Park and 02 : 65 for Liberty Village. Could Jennifer Nguyen claim at a 1% level of significance that the average price in High Park is higher than the average price in Liberty Village? Use the ztest for independent samples and the formula, (531 532) (M1 #2) z : 3t 02 0'2 _1 _'2 11.1 1'12 Note: The nature of the distributions and availability of 01 and 02 allow us to use 2: approachr though both samples are comparatively small
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