Let X be the population of house prices in a large city. Assume that the population...

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Statistics

Let X be the population of house prices in a large city. Assumethat the population distribution of house prices is normal [i.e., X~ N(Î¼, Ïƒ2)]. A random sample of 10 house prices (in thousands of $)provided the following data:

   90  100  115  72  125  95  105  135  120  88

Find the standard error of the sample mean (?Ì…). Show yourcalculations.
Write out the null and alternative hypotheses for determiningwhether the population mean
differs from 90 (thousand $).
Write out the decision rule for the question in (b).
Find the calculated test-value for the question in (b). Showyour calculations.
Find the 10%, 5%, and 1% critical values for the question in(b).
Do you reject the null hypothesis in (b)? Explain clearly.
The p-value for the question in (b) is 0.041. What does thep-value mean, and how does it
change your conclusion in (f)? Explain clearly.

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4.4 Ratings (642 Votes)

ANSWERan 10104510 1045xx x 29014521025100452025115105110257232510562512520542025959590251050502513530593025120155240258816527225Total 33505Standard Error is given bySE s 192945 61015SoAnswer is61015bH0 Null Hypothesis 90HA Alternative Hypothesis See Answer

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