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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?
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