Homes is a nearby college town have a mean value of $88,950Itis assumed that hom

Question

Homes is a nearby college town have a mean value of $88,950Itis assumed that homes in the vicinity of the college have ahighervalue. To test this theory, a random sample of 12 homesischosen from the college area. Their mean valuation in$92,460and the standard deviation is $5,200 Complete ahypothesistest using = 0.05 Assume prices arenormallydistributed. Homes is a nearby college town have a mean value of $88,950Itis assumed that homes in the vicinity of the college have ahighervalue. To test this theory, a random sample of 12 homesischosen from the college area. Their mean valuation in$92,460and the standard deviation is $5,200 Complete ahypothesistest using = 0.05 Assume prices arenormallydistributed.

Explanation / Answer

Ho: xbar > using t distribution, because n=12, with 11 degrees offreedom(12-1=11) t=(xbar-)/(s/n)=(92,460-88950)/(5200/12=2.33 since =.05 and using 11 =df., t.05=1.796>2.33 the sample mean is too large to be from the population of thetown. accept Ho

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