The housing market has recovered slowly from the economic crisis of 2008. Recent

Question

The housing market has recovered slowly from the economic crisis of 2008. Recently, in one large community, realtors randomly sampled 40 bids from potential buyers to estimate the average loss in home value. The sample showed the average loss was $9747 with a standard deviation of S1961. In 2011, the average home in this region of the country lost $9294 in value. Was the community studied by the realtors unusual? U a test to decide if the average loss observed was significantly different from the regional average with 0.05 as the P-value cutoff level. State the hypotheses mean home value lost in the communi ity is denoted by H. O A. Ho: H 9294 B. Ho: 9294 HA: H #9294 HA: H 9294 O C. Ho: H

Explanation / Answer

It' simple, here' how:

Since n=40

B is the right option

tn-1 = (9294-9747)/(1961/sqrt(40)) = -1.46

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