Problem: Mickey and Minnie Home Sales, an Orange County real estate company, wants to know if there is a relationship between the price a home sells for and the weeks the home was on the market prior to the sale. Mickey and Minnie conjecture that the higher the price of the home, the longer the house will be on the market. They select a simple random sample of 31 recently sold homes in Anaheim for analysis and they want to know if the number of weeks to sale influences the asking price. You are asked to organize and analyze this data, and present your results to the company with an appropriate hypothesis test. Please present a report to the Mickey and Minnie executives that includes your data, results, and related evidence from national studies. Asking Price (thousands) X, weeks to sale Y, 150 6, 250 17, 200 8, 320 12, 80 5, 120 8, 300 12, 180 6, 600 22, 300 9, 210 8, 300 16, 460 14, 670 15, 400 10, 300 18, 200 9, 240 14, 65 7, 900 13, 330 12, 205 5, 405 15, 630 16, 255 7, 310 14, 440 16, 305 13, 700 20, 280 6.

Part 3: Analysis of Data - Examination of Inferential Statistics (tables of results, and appropriate hypothesis test steps) Assuming that all assumptions have been met, it is now time to analyze the data. Present a complete hypothesis test.

1. Identify the claim.

2. State the null and alternative hypotheses, in words and in symbolic form

3. Explain what type of test you will be performing (i.e. a test of two dependent means, a test for correlation, etc.) and why that test is appropriate to address the main question you are trying to answer.

4. Select the significance level and determine if it is a one or two-tailed test.

5. Identify the test statistic and compute the value of the test statistic and the p-value.

6. Make a decision of whether to Reject or Fail to Reject the null hypothesis.

7. Restate your decision in nontechnical terms. That means, state your conclusion in a way that anyone can understand; a final conclusion that just says "reject the null hypothesis" by itself without explanation is not helpful to those who hired you. Explain in ordinary terms what it means.

Part 4: Conclusion and Recommendations. Summarize and explain your results. Provide recommendations.

1. What can you infer from the statistics?

2. What information might lead you to a different conclusion?

3. What variables are missing?

4. What additional information would be valuable to help draw a more certain conclusion?

5. What qualitative or quantitative data would you want to collect if you were hired to do a follow-up study?