Question
During an economic crisis, the average value of homes in a community of 36 homes lost $9390 with a standard deviation of $ 1450.The average
During an economic crisis, the average value of homes in a community of 36 homes lost $9390 with a standard deviation of $ 1450.The average home value in the region lost $8930.Was this community of 36 homes unusual? Use a t-test to decide if the average loss observed was significantly different from the region value. Use a level of significance alpha equals0.05.
A. Identify the hypotheses for the test.
B.The test statistic is
(Round to two decimal places as needed.)
C.The P-value is
(Round to three decimal places as needed.)
D.What is the conclusion of the test? Was the average loss observed significantly different from the region value?
(fail to/reject) the null hypothesis because the P-value is (less/greater) than the given significance level, and conclude that the loss of home values in this community (does/does not) appear to be unusual.
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