This Question: 1 pt 2of10(0complete) This Quiz: 10 pts poss Areahy company looks

Question

This Question: 1 pt 2of10(0complete) This Quiz: 10 pts poss Areahy company looks at a recent sample of houses that havo sold Ontesting Phe rnd hypothesis that 5en6 of the houses take morehan three-ore stosel against the hypotesishat more Pan 56% ofthe hones take more than hee months to sell, they frnd a P-value of 0 027. Which conclusion is appropriate? Explain Choose the correct answer below. OA There is a 27% chance that 56% ofth. houses take more than 3 morts to sea OB. I50% of the houses take more than three months to set, Pere is a 2 7% chance rat a random sa po popoton would be as high asonger han mere OC. There is a 27% chance that the nul hypothesis somet OD. There is a 97.3% canoe mat 56%ofthe houses take more tan 3 moes to

Explanation / Answer

Solution:- B) 56% of the houses take more than three months to sell, there is a 2.7% chance that a random sample proportion would be as high as or higher than the one they obtained.

State the hypotheses. The first step is to state the null hypothesis and an alternative hypothesis.

Null hypothesis: P = 0.56
Alternative hypothesis: P > 0.56

Note that these hypotheses constitute a one-tailed test.

P-value = 0.027

Since the P-value (0.027) is less than the significance level (0.05), we have to reject the null hypothesis.

B) 56% of the houses take more than three months to sell, there is a 2.7% chance that a random sample proportion would be as high as or higher than the one they obtained.

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