Question
Recent data on the various types of properties purchased in the major cities and suburbs show upward price trends. Historically, 20% of purchases were for
Recent data on the various types of properties purchased in the major cities and suburbs show upward price trends. Historically, 20% of purchases were for condos, 32% were for townhouses, 39% for family homes, 4% for commercial properties and 5% for land. With the pandemic and changing demographics, agencies wonder if the current distribution matches the historical distribution. The most recent random sample of transactions are 59 condos, 135 townhouses, 176 single homes, 10 commercial, and 26 land properties. What is the p-value of the test statistic for testing the appropriate hypothesis addressing the agencies' concern?
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