Question
The chamber of commerce of a Florida Gulf Coast community advertises that area residential property is available at a mean cost of $325,000 per lot.
The chamber of commerce of a Florida Gulf Coast community advertises that area residential property is available at a mean cost of $325,000 per lot. An engaged citizen believes that the average cost of residential property in this community is different from $325,000. Suppose a random sample of 36 properties provided a sample mean cost of $331,000 per lot and a sample standard deviation of $11,500. Use of 0.05 to test the validity of the engaged citizen. Explain the null and alternative hypotheses in plain English. What is the p-value? Explain your statistical and plain English conclusions.
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