Ans:
(claim)

Test statistic:
z=(2540-2400)/(472/sqrt(50))
z=2.10
P(z>2.10)=0.0180
As,p-value<0.05,we reject the null hypothesis.
There is sufficient evidence to reject the real estate agent's claim.
7) A real estate agent claims that the mean living area of all single-family homes in...
A real estate agent claims that the average price of a home sold in Beaver County, Pennsylvania, is $60,000. A random sample of 35 homes sold in the county is selected, and the prices in dollars are shown. Is there enough evidence to reject the agent's claim at 1 = 0.05? Assume @ = $76,025 and X = $84,581.43.
The real estate assessor for a county government wants to study various characteristics of single-family houses in the county. A random sample of 49 houses reveals the following: Heated area of the houses (in square feet): = 1720, S = 350 a. Construct a 90% confidence interval estimate for the population mean heated area of the houses. b. Interpret the interval constructed in (a).
A real estate agent has claimed that the average home prices in Lindville (L) and Jamesville (J) are equal. Suppose that a random sample of 18 Lindville homes resulted in a sample mean price of $235,000 with a sample standard deviation of $22,000. A random sample of 12 Jamesville homes resulted in a sample mean price of $245,000 with a sample standard deviation of $24,000. Test the real estate agent's claim at the 5% significance level. Assume that population variances...
10. (1 pt) The living space of all homes in a city has a mean of 2100 square feet and a standard deviation of 500 square feet. Let Xbe the mean living space for a random sample of 625 homes from this city. The probability that this mean living space is less than 2069 square feet is (a).0478 (b) .9394 (c) .8788 (d).0606 (e) .5239
Refer to the Real Estate data, which report information on the
homes sold in Goodyear, Arizona, last year.
a. A recent article in the Arizona Republic indicated that the
mean selling price of the homes in the area is more than $220,000.
Can we conclude that the mean selling price in the Goodyear, AZ,
area is more than $220,000? Use the .01 significance level. What is
the p-value?
b. The same article reported the mean size was more than 2,100...
2 16. A real estate agent wishes to estimate the mean number of days on the market of all houses sold in the last two years in Mecklenburg County. To do so, he examines the sales data of fifty randomly selected houses sold in that period. The population of interest to the agent is: → (a) All houses sold in Mecklenburg County in the last two years. (b) All houses sold that were not in the sample. (c) The fifty...
T test: 5) If a real estate market is strong, there will be a close relationship between the asking price for homes and the selling price. Suppose that one analyst believes that the mean difference between asking price and selling price for homes in a particular market area is less than $2000. To test this using an alpha level equal to .05, random sample of n=15 homes that have sold recently was selected. The difference between asking price and selling...
A report states the average rent for office space in a urban area is $17.75 per square foot. A real estate agent claims this average is incorrect. The agent selected a sample of 28 rental properties and found their mean to be $19.25 per square foot, with a sample standard deviation of $3.55 per square foot. Test the claim at alpha = 0.05. Use the P-value method to evaluate/compare with the given alpha (0.05). For question #18, give your calculated...
9) Three years ago, the mean price of a single-family home was $243,706. A real estate broker believes that the mean price has decreased since then. (a) Which of the following is the hypothesis test to be conducted? A) H0: u = $243,706; H1: u < $243,706 B) H0: u = $243,706; H1: u does not equal $243,706 C) H0: u = $243,706; H1: u > $243,706 (b) Which of the following is a type I error? A) The broker...
the real estate assessor for a company government wishes to study various characteristics concerning single- family house in the country. A random sample of 700 houses results in a mean heated area for the house of 1800 sq. ft. with a standard deviation of 400 sq ft. In addition, it was learned that 420 out of the 700 houses had central air conditioning. Suppose that, using this data, a statistical hypothesis test is conducted to determine if there is significant...