Logo
Home Study Material Contact Search
AI Chat FREE
  1. mathematics
  2. statistics
  3. a recent article in a local magazine indicated tha

A recent article in a local magazine indicated that the mean selling price of homes in...

50.1K

Verified Solution

Question

Statistics

A recent article in a local magazine indicated that the meanselling price of homes in the area is less than $232,000. Can weconclude that the mean selling price in the area is less than$232,000? Use the 0.01 significance level. {Use 232.0 as the value,not 232,000.}

Assume the list is a sample.

Price
263.1
182.4
242.1
213.6
139.9
245.4
327.2
271.8
221.1
266.6
292.4
209
270.8
246.1
194.4
281.3
172.7
207.5
198.9
209.3
252.3
192.9
209.3
345.3
326.3
173.1
187
257.2
233
180.4
234
207.1
247.7
166.2
177.1
182.7
216
312.1
199.8
273.2
206
232.2
198.3
205.1
175.6
307.8
269.2
224.8
171.6
216.8
192.6
236.4
172.4
251.4
246
147.4
176
228.4
166.5
189.4
312.1
289.8
269.9
154.3
222.1
209.7
190.9
254.3
207.5
209.7
294
176.3
294.3
224
125
236.8
164.1
217.8
192.2
125.9
220.9
294.5
244.6
199
240
263.2
188.1
243.7
221.5
175
253.2
155.4
186.7
179
188.3
227.1
173.6
188.3
310.8
293.7
179
188.3
227.1
173.6
188.3

Requirement following the hypotheses testing6-step process:

  • State Null and Alternative Hypotheses,
  • State the significance level.
  • State which distribution is used.
  • State the decision rule including graph.
  • State the test statistic and the p-value.
  • State the conclusion.

Notes:

  • Use 232.0 instead of 232,000.
  • State z-values to 2 decimal places unless 3 decimal places areneeded; State t-values to 3 decimal places; State p-values to 4decimal places.

Answer & Explanation Solved by verified expert
3.7 Ratings (623 Votes)
using excelAddinphstatone sample test we have t Test for Hypothesis of the Mean Data Null    See Answer
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Finance
1.2K views

Toxaway Company is a merchandiser that segments its business into two divisions—Commercial and Residential. The company’s accounting...

Finance
1.2K views

The Auto Group has 1,000 bonds outstanding that are selling for $900 each. The company also...

Chemistry
1.2K views

1)How is the grams of Cl determined? If you do not dry the Copper, how will...

Medical Sciences
1.2K views

65-1/What is cryptorchidism? Select one: a. Inability to secrete testosterone b. Male Infertility C. Low sperm count d. Failure of...

Economics
1.2K views

1. Liz has utility given by ?(?1,?2)=?1^7?2^3. If ?1=$10,?2=$15,and I = $100, find Liz’s optimal consumption...

Biology
1.2K views

In Ancient Rome, the common people were know asA. plebeiansB. troubadoursC. tribunesD. patricians

Basic Math
1.2K views

Use transformations to graph y 5x Use the graphing tool to graph the function

Basic Math
1.2K views

Given circle with two chords as marked Find x A 4 B 8 0000 C...

Basic Math
1.2K views

vert the accompanying database to an Excel table to find The total cost of all...

Algebra
1.2K views

Which type of function best models the data in the table below X 2 4...

Accounting
1.2K views

Question 70 of 100 10:59 MA Bill and Edna are married and file a joint...

Accounting
1.2K views

Using the balance sheet below, calculate working capital. Select one: (1,343.0) ...