According to the National Association of Realtors website (https://www.nar.realtor/sites/default/files/documents/metro -home-prices-q3-2017-single-family-2017-11-02.pdf), the national median sales price for single-family
Question:
According to the National Association of Realtors website (https://www.nar.realtor/sites/default/files/documents/metro -home-prices-q3-2017-single-family-2017-11-02.pdf), the national median sales price for single-family homes was $254,000 in 2018. Assume that the following data were obtained from samples of recent sales of single-family homes in St. Louis and Denver.
a. Is the median sales price in St. Louis significantly lower than the national median of $254,000? Use a statistical test with α = .05 to support your conclusion.
b. Is the median sales price in Denver significantly higher than the national median of $254,000? Use a statistical test with α = .05 to support your conclusion.
Step by Step Answer:
Statistics For Business & Economics
ISBN: 9781337901062
14th Edition
Authors: David R. Anderson, Dennis J. Sweeney, Thomas A. Williams, Jeffrey D. Camm, James J. Cochran