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.
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