A real estate sales agency specializes in selling vacation property. Its records

Question

A real estate sales agency specializes in selling vacation property. Its records indicate that the mean selling time of vacation property is 75 days. However, it believes that because of the recent hurricanes, the mean selling time is now greater than 75 days. A survey of 100 properties sold recently revealed that the mean selling time was 79 days, with a standard deviation of 20 days. At the 0.10 significance level, has there been an increase in selling time? a. What is the decision rule? b. What is the value of the test statistic? c. What is your decision regarding H_0?

Explanation / Answer

a)for 0.1 level test stat is 1.282

b)std error =std deviation/(n)1/2 =2

test stat =(X-mean)/std error =(79-75)/2 =2

c) reject Ho as test stat is in critical region.

Related Questions

Navigate

• Browse (All)
• Browse A
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.