A realty company looks at a recent sample of houses that have sold. On testing the...
A realty company looks at a recent sample of houses that have sold. On testing the null hypothesis that 56% of the houses take more than three months to sell against the hypothesis that more than 56% of the houses take more than three months to sell against the hypothesis that more than .014. Which answer is appropriate?
A. There is a 1.4% chance the null hypothesis is correct.
B. There is a 1.4% chance that 56% of the houses take more than 3 months to sell.
C. If 56% of the houses take more than three months to sell, there is 1.4% chance that a random sample proportion would be as high as or higher than the one they obtained.
D. There is a 96.8% chance that 56% of the houses take more than 3 months to sell.
Homework Answers
Answer)
P-value is the probability of obtaining the results as high or higher than the one obtained if null hypothesis is true
Here p-value is 0.014 that is 1.4%
So answer is
C. If 56% of the houses take more than three months to sell, there is 1.4% chance that a random sample proportion would be as high as or higher than the one they obtained.
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