Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Reno home prices are continuing to increase with a 2021 average home price of $545,500. A real estate agent believes the average home price in

Reno home prices are continuing to increase with a 2021 average home price of $545,500. A real estate agent believes the average home price in Northwest Reno is greater than the average home price in South Reno. To test this claim, she collects the selling price of 50 homes in Northwest Reno and South Reno and assumes the variances are equal.

Click here for the Excel data file

a. Specify the null and alternative hypotheses.

b. What are the values for the test statistic and p-value? (Round to 4decimal places)

c. At the 5% significance level, what are the decision and conclusion for thistest?

table {mso-displayed-decimal-separator:"\."; mso-displayed-thousand-separator:"\,";} tr {mso-height-source:auto;} col {mso-width-source:auto;} td {padding-top:1px; padding-right:1px; padding-left:1px; mso-ignore:padding; color:windowtext; font-size:10.0pt; font-weight:400; font-style:normal; text-decoration:none; font-family:Arial; mso-generic-font-family:auto; mso-font-charset:0; text-align:general; vertical-align:bottom; border:none; white-space:nowrap; mso-rotate:0;} .xl17 {font-family:Arial, sans-serif; mso-font-charset:0;}

Northwest South
638353 199484
590826 626195
644644 354982
702219 499839
978596 345864
866156 286088
706456 836086
692183 404875
940028 562985
570738 600402
608219 875040
385881 550356
565004 616965
985074 151263
46338 662745
915973 547798
425422 470227
591615 310292
668088 232867
975113 382787
371196 511372
923479 508917
449737 375838
684174 426327
738390 596276
453291 562353
370988 717967
742618 642617
453320 417752
289670 828152
443324 691487
457728 347101
593580 474312
341500 196268
774905 730910
729181 509974
721760 655395
506442 4862
406325 535479
638150 644248
341751 421209
888396 627654
571073 261015
742314 897452
815527 665376
433252 721188
669641 823623
818424 211852
650254 262309
457951 766659

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

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

Step: 2

blur-text-image_2

Step: 3

blur-text-image_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

Advanced Engineering Mathematics

Authors: Erwin Kreyszig

10th edition

470458364, 470458365, 978-0470458365

More Books

Students also viewed these Mathematics questions

Question

=+a) Is this a one-tailed or two-tailed test? Explain.

Answered: 1 week ago

Question

=+b) Write the null and alternative hypotheses.

Answered: 1 week ago