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In: Statistics and Probability

A real-estate agent claims that the average price of a condominium in Naples, Florida is different...

A real-estate agent claims that the average price of a condominium in Naples, Florida is different from $50000. A sample of 81 condominiums has an average selling price of $51500 with a sample standard deviation of $8500.

13. The standardized test statistic calculated for a hypothesis test which tests whether the sample mean is equal to the hypothesized population mean is equal to: a, 1.56   b. 1.57        c. 1.59

14. The probability value of the event that the standardized test statistic would assume a value as large as that calculated in part 12 is: a, 0.01   b 0.112        c. 0.116

15. By comparing the probability value calculated in question 13 with a level of significance of 0.01 in a hypothesis test, we cannot reject the statement that: a. the mean price of a condominium in Naples, Florida is not equal to $50000.    b. the mean price of a condominium in Naples, Florida is greater than $50000   c, the mean price of a condominium in Naples, Florida is equal to $50000.

16. The 99% confidence interval for the population mean price of condominiums in Naples, Florida will fall between a. (49000, 54000)          b. (49008, 53992)   c. (49067, 53933)

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orchestra answered 2 years ago
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