Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A real estate sales agency specializes in selling vacation property. Its records indicate that the mean selling time of vacation property is 85 days. However,

image text in transcribed
image text in transcribed
A real estate sales agency specializes in selling vacation property. Its records indicate that the mean selling time of vacation property is 85 days. However, it believes that because of the recent floodings, the mean selling time is now greater than 85 days. A survey of 100 properties sold recently revealed that the mean selling time was 89 days, with a standard deviation of 25 days. At the 0.10 significance level, has there been an increase in selling time? a. What is the decision rule? (Round the final answer to 3 decimal places.) Reject Ho: $ 85 and accept My: p > 85 when the test statistic is (Click to select) y b. What is the value of the test statistic? (Round the final answer to 2 decimal places.) Value of the test statistic = c. What is your decision regarding Ho? (Click to select) w Ho

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Calculus Single Variable

Authors: Deborah Hughes Hallett, Andrew M Gleason, William G McCallum

8th Edition

1119783836, 9781119783831

More Books

Students also viewed these Mathematics questions

Question

L A -r- P[N]

Answered: 1 week ago

Question

2. Find five metaphors for communication.

Answered: 1 week ago