A real estate agent is interested in determining factors that affect the mean se
ID: 3219548 • Letter: A
Question
A real estate agent is interested in determining factors that affect the mean selling price of a home. One factor she is considering is known as "lot configuration," which determines the position of the house within the neighborhood that it is built. The possible lot configurations are (don't worry about their precise definitions):
Inside: Inside lot
Corner: Corner lot
CulDSac Cul-de-sac
FR2: Frontage on 2 sides of property
FR3: Frontage on 3 sides of property
Suppose that she were to perform an ANOVA to examine whether there were differences in the mean selling prices of homes with different lot configurations, and suppose that she found that she could reject the null hypothesis. What could she then conclude, in context? Hint: There's nothing to calculate here. I'm asking you to suppose that you could reject the null, and state the conclusion in the context of the problem.
That at least two lot configurations differ on the mean square footage of their houses.
That the true proportion of homes sold for each of the different lot configurations are different from 20% for each lot.
That all lot configurations differ on the mean selling price of homes.
That at least two lot configurations differ on the proportion of houses that they each contain.
That the true mean number of homes that are sold for each type of lot configuration are the same.
That at least two lot configurations differ on the mean selling prices of their homes.
a)That at least two lot configurations differ on the mean square footage of their houses.
b)That the true proportion of homes sold for each of the different lot configurations are different from 20% for each lot.
c)That all lot configurations differ on the mean selling price of homes.
d)That at least two lot configurations differ on the proportion of houses that they each contain.
e)That the true mean number of homes that are sold for each type of lot configuration are the same.
f)That at least two lot configurations differ on the mean selling prices of their homes.
Explanation / Answer
Here hypotheses are:
H0: There is no differences in the mean selling prices of homes with different lot configurations.
Ha: At least two lot configurations differ on the mean selling prices of their homes.
Since we reject the null hypothesis so correct conclusion is
f)
That at least two lot configurations differ on the mean selling prices of their homes.
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