Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Q1. The average price of homes sold in the U.S. in 2016 was $240,000. A sample of 225 homes sold in Chattanooga in 2016 showed
Q1. The average price of homes sold in the U.S. in 2016 was $240,000. A sample of 225 homes sold in Chattanooga in 2016 showed an average price of $236,000. It is known that the standard deviation of the population (o) is $60,000. We are interested in determining whether the average price of homes sold in Chattanooga is significantly less than the national average. (Use a significance level of a equal to 0.05). Q2. The manager of a grocery store has taken a random sample of 121 customers. The average length of time it took the customers in the sample to check out was 5.1 minutes with a sample standard deviation of 0.5 minutes. Conduct a test to determine whether or not the mean waiting time of all customers is significantly more than 5 minutes. Use a significance level of a = 0.01. Q3. The average U.S. daily internet use at home is 2 hours and 20 minutes. A sample of 100 homes in the Fairfax area showed an average usage of 2 hours and 40 minutes with a sample standard deviation of 90 minutes. We are interested in determining whether or not the average internet usage in the Fairfax area is significantly different from the U.S. average. Use a significance level of a equal to 0.05
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored 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