A newspaper in a large Midwestern city reported that the National Association of Realtors said that...
A newspaper in a large Midwestern city reported that the National Association of Realtors said that the mean home price last year was $116,800. The city housing department feels that this figure is too low. They randomly selected 64 home sales and obtained a sample mean price of $117,700. Assume that the population standard deviation is $4000. Using a 5% level of significance, calculate the test statistic required to perform a hypothesis test statistic required to perform a hypothesis test to determine whether the population mean is higher than $116,800.
Homework Answers
Solution :
Test statistic = z
= (
- 
) / 
/ 
n
= (117700 - 116800) / 4000 /
64
= 1.8
Test statistic = 1.8
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