Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Batch 8 - May I please get help/guidance with the following homework question? Thank you for your help. Q 24 : The average price of

Batch 8 - May I please get help/guidance with the following homework question? Thank you for your help.

Q 24:

The average price of homes sold in the U.S. in thepast yearwas $220,000. A random sample of 81 homes soldthis yearshowed an average price of $210,000. It is known that the standard deviation of the population is $36,000. At 95% confidence test to determine if there has been a significant decrease in the average price homes.

a. State the null and alternative hypotheses to be tested.

b. Determine the value of the test statistic.

c. Compute the p-value.

d. What do you conclude?

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

Step: 3

blur-text-image

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

Theory Of Distributions

Authors: Svetlin G Georgiev

1st Edition

3319195271, 9783319195278

More Books

Students also viewed these Mathematics questions

Question

=+b) What are the null and alternative hypotheses?

Answered: 1 week ago

Question

1. Maintain my own perspective and my opinions

Answered: 1 week ago

Question

2. What do the others in the network want to achieve?

Answered: 1 week ago