Question
In: Statistics and Probability
Use this scenario to answer questions 31-35. In cases where rounding is required, round to three...
Use this scenario to answer questions 31-35.
In cases where rounding is required, round to three decimal places. A real estate agent claims that the average price of a condominium in Naples, Florida is not $56,900. A random sample of 16 condos has a mean selling price of $57,374 and a standard deviation of $2500. Test the claim with a level of significance of alpha equals.05.
State the hypotheses.
QUESTION 32 Identify the critical region.
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Reject if or |
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Reject if or |
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Reject if |
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Reject if |
QUESTION 33 Compute the test statistic
QUESTION 34 Make decision.
Reject
Fail to Reject
Fail to Reject
Reject
QUESTION 35 Interpret the results.
There is not sufficient evidence to say that the sample mean price of a condominium in Naples is not $56,900. There is not sufficient evidence to conclude that the population mean price of a condominium in Naples is not $56,900. Conclude with 95% confidence that the sample mean price of a condominium in Naples is not $56,900. Conclude with 95% confidence that the population mean price of a condominium in Naples is not $56,900.
Solutions
orchestra answered 2 years agoRelated Solutions
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