Answered step by step

Verified Expert Solution

Link Copied!

Question

...

1 Approved Answer

Posted on Jun 26, 2024

Hi. Could you please help me with the following homework question? Thank you. Question 24: The average price of homes sold in the U.S. in

Hi. Could you please help me with the following homework question? Thank you.

Question 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.

What is the null and alternative hypotheses to be tested?

What is the value of the test statistic?

What is the p-value?

What can be concluded?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access with AI-Powered Solutions

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

Step: 2

Step: 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

Entrepreneurial Finance

Authors: J. Chris Leach, Ronald W. Melicher

6th edition

978-1305968356

Students also viewed these Mathematics questions

Question

=+f) Give the degrees of freedom for the test.

Answered: 1 week ago

Question

★★★★★

In the last part of the 20th century, scientists developed the theory that the planet was warming and the primary cause was the increasing amounts of carbon dioxide (Co2), which is the product of...

Answered: 1 week ago

Question

★★★★★

The most recent financial statements for Dockett, Inc., are shown here (assuming no income taxes): Income Statement Sales $6968 Costs $4188 Balance Sheet Assets $19818 Debt $5131 Equity ? Assets and...

Answered: 1 week ago

Question

★★★★★

You have a company that produces a certain high tech product. Currently you produce only in the United States employing all U.S. resources. China is a major customer making up 40 percent of your...

Answered: 1 week ago

Question

★★★★★

its in-coming taxi Sh. H. Mukherjee constructed a building on 30th June, 2011. It had two flats of equal dimensions. One flat was let out to a tenant for residential purpose on a monthly rent of Rs...

Answered: 1 week ago

Question

★★★★★

Which of the following constitute barriers to training evaluation? a. Too much trainer expertise and lack of stakeholder interest or accountability. b. Ability to access key stakeholders and...

Answered: 1 week ago

Question

★★★★★

Find and post an article, video, or interview on why Compliance is important in an organization. Explain why you selected the particular document or materials.

Answered: 1 week ago

Question

★★★★★

What was the positive value of Max Weber's model of "bureaucracy?"

Answered: 1 week ago

Question

★★★★★

NHIKNHAK Enterprises has determined the cost of manufacturing a unit of product as follows, based on normal production of 60,0000 units per year: Direct materials Direct labor Variable factory...

Answered: 1 week ago

Question

★★★★★

Under the Fair Value through Net Income Method, what is the effect on the accounting equation when receiving cash dividends from an investment in another company's common stock?

Answered: 1 week ago

Previous Question Next Question