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A real estate sales agency specializes in selling vacation property. Its records indicate that the mean selling time of vacation property is 75 days.
A real estate sales agency specializes in selling vacation property. Its records indicate that the mean selling time of vacation property is 75 days. However, it believes that because of the recent floodings, the mean selling time is now greater than 75 days. A survey of 100 properties sold recently revealed that the mean selling time was 79 days, with a standard deviation of 19 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: 75 and accept H: > 75 when the test statistic is [(Click to select) b. What is the value of the test statistic? (Round the final answer to 2 decimal places.) Value of the test statistic = e. What is your decision regarding Ho? (Click to select) Ho.
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