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Author Question: The average price of homes sold in the U.S. in the past year was $220,000. A random sample of 81 ... (Read 9 times)

fungirl

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on: Mar 25, 2023

The average price of homes sold in the U.S. in the past year was $220,000.  A random sample of 81 homes sold this year showed an average price of $210,000.  It is known that the standard deviation of the population is $36,000.  At 95% confidence test to determine if there has been a significant decrease in the average price homes.

a.State the null and alternative hypotheses to be tested.
b.Compute the test statistic.
c.Determine the critical value for this test.
d.What do you conclude?
e.Compute the p-value.

Essentials of Statistics for Business and Economics ¦ Anderson, Sweeney, Williams, Camm, Cochran ¦ 7th Edition
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Marked as best answer by fungirl on Mar 25, 2023

kyledifference

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Reply #1 on: Mar 25, 2023
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fungirl

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Reply 2 on: Mar 25, 2023
:D TYSM

nguyenhoanhat

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Reply 3 on: Yesterday
Wow, this really help

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