Conduct a One-Sample Hypothesis Test of the Mean Individual Apartment Price in Melbourne

According to the data that thereal-estate investorscollected, the mean individual apartment price within a 41-kilometer (about 25 miles) radius of the Central Business District of Melbourne is $453,993.94. You are going to use a hypothesis test to determine whether the true mean apartment price is higher than $453,993.94. Assume that apartment prices are normally distributed.

i. The null and alternative hypotheses are as follows:

H0: =$453,993.94

HA: >$453,993.94

Useyoursample of n = 300 and yourmeanto conduct a hypothesis test using a 5% level of significance to determine if the mean apartment price is more than $453,993.94. Refer to example 9.16 from your text for additional guidance.

As part of your presentation to city government officials (Google Slides - Part 2), explain the results of the one-sample hypothesis test conducted based on your data, and determine whether or not to reject the null hypothesis. Additionally, make reference to any other statistics that you deem important in your own analysis of apartment prices. In light of your analysis, make a recommendation to the city government leaders regarding the accuracy of the information that the real-estate investors provided.

Minimum:	247500
Mean:	637749.1667
Samp. Variance	88250054138
Samp.Stand. Dev:	297069.1067
Median	577500
Maximum	2205000
Q3	725250
n	300
S&L Left: 10^?	1
Q1:	445000
Box: No Outliers?	No
Confidence Level	95
Conf. Int. Lower	603996.6286
Conf. Int. Upper	671501.7048
H1: mu ? mu0	<
mu0	45
t	37.18111349
p-value	1
Other Statistics
Trimmed %	5
Trimmed Mean	616946.6783
x Value	0.8
Z-Score (x)	-2.146801375
Coeff of Var	1.200279219
Pop. Std. Dev.	296573.5782
Pop. Variance	87955887291
IQR	280250
Mode	500000
Sum	191324750
Sum of Squares	148403966062500
Skewness	2.169589156
Kurtosis	6.57867175
% for %tile	20
%tile	422000
Standard Error	17151.29287