Suppose that in the past years the average price per square foot for warehouses

Question

Suppose that in the past years the average price per square foot for warehouses in the United States has been $322.8. A national real estate investor wants to determine whether that figure has changed now. The investor hires a researcher who randomly samples 49 warehouses that are for sale across the United States and finds that the mean price per square foot is S316.7, with a standard deviation of S1.29. Assume that prices of warehouse footage are normally distributed in population. If the researcher uses a 5% level of significance, what statistical conclusion can be reached? (7 points) (don't construct confidence interval) Answer: Ho: -3228 Ha: # $322.8 8. Two-tailed test, /2 = .025, ta/2, n-l-025,48 = ±2.101 Reject Ho ift> 2.101 ort

Explanation / Answer

Suppose that in the past years the average price per square foot for warehouses in the United States has been $322.8. A national real estate investor wants to determine whether that figure has changed now. The investor hires a researcher who randomly samples 49 warehouses that are for sale across the United States and finds that the mean price per square foot is S316.7, with a standard deviation of S1.29. Assume that prices of warehouse footage are normally distributed in population. If the researcher uses a 5% level of significance, what statistical conclusion can be reached? (7 points) (don't construct confidence interval) Answer: Ho: -3228 Ha: # $322.8 8. Two-tailed test, /2 = .025, ta/2, n-l-025,48 = ±2.101 Reject Ho ift> 2.101 ort

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