Question
In: Statistics and Probability
According to Relators-R-Us, the average price per square foot of homes in western Kansas is $85...
According to Relators-R-Us, the average price per square foot of homes in western Kansas is $85 with a standard deviation of $11.24. Using recent sales figures that happened in the city of Hays, the relators wish to determine if the average price per square foot in Hays is significantly different at the 1% level. In using a collection of thirty-seven randomly homes recently sold in Hays, they found the average price of these home was at $88.25 per square foot.
A) Give the null and alternative hypotheses for this test. H0:
H!
B) Determine the value of the test statistic.
C) Determine the appropriate critical value(s).
D) Determine the P-value.
E) Is there sufficient evidence at the 1% significance level to believe the average price per square foot for homes in Hays is different from that in western Kansas as a whole? Explain your reasoning.
Solutions
orchestra answered 2 years agoRelated Solutions
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