HomeworkLib
Question

8. The average price of homes sold in the U.S. in the past year was $220,000....

8. The average price of homes sold in the U.S. in the past year was $220,000. A random sample of 81 homes sold this year showed an average price of $210,000. It is known that the standard deviation of the population is $36,000. At level of significance (a) 0.05, conduct the hypothesis test to determine if there has been a significant decrease in the average price homes.

What is appropriate Null and Alternative Hypothesis?

Group of answer choices

a. Ho: µ ≥ 220,000, Ha: µ < 220,000

b. Ho: µ ≥ 210,000 Ha: µ < 210,000

c. Ho: µ < 220,000 Ha: µ > 210,000

d. Ho: µ ≤ 220,000, Ha: µ > 220,000

please show work.

math   Statistics-And-Probability   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

0 0
Add a comment
Know the answer?
Add Answer to:
8. The average price of homes sold in the U.S. in the past year was $220,000....
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • The average price of homes sold in the U.S. in the past year was $220,000. A...

    The average price of homes sold in the U.S. in the past year was $220,000. A random sample of 81 homes sold this year showed an average price of $210,000. It is known that the standard deviation of the population is $36,000. At a 1% level of significance, test to determine if there has been a significant decrease in the average price of homes. Reject HO Do not reject HO Do not accept HA Not enough information provided

  • The average price of homes sold in the U.S. in the past year was $220,000. A...

    The average price of homes sold in the U.S. in the past year was $220,000. A random sample of 81 homes sold this year showed an average price of $210,000. It is known that the standard deviation of the population is $36,000. At 95% confidence test to determine if there has been a significant decrease in the average price homes. a.State the null and alternative hypotheses to be tested. b.Compute the test statistic. c.Compute the p-value. d.What do you conclude?

  • 6. The average price of homes sold in the U.S. in 2012 was $240,000. A sample...

    6. The average price of homes sold in the U.S. in 2012 was $240,000. A sample of 144 homes sold in Chattanooga in 2012 showed an average price of $246,000. It is known that the standard deviation of the population is $36,000. We are interested in determining whether or not the average price of homes sold in Chattanooga is significantly different than the national average. Let α = .01 a. Verify whether the Central Limit Theorem conditions are met. b....

  • 2) Is the average gas price in Massachusetts lower than the national average? According to AAA...

    2) Is the average gas price in Massachusetts lower than the national average? According to AAA Gas Prices (http://gasprices.aaa.com/), the average gas price in the U.S. as of October 2019 was $2.61 with a standard deviation of $0.23. A random sample of 30 gas stations in Massachusetts had a mean of $2.56. The null and alternative hypotheses for a hypothesis test for these data are: Ho: Gas = 2.61 HA: Gas 2.61 A hypothesis test at the 0.05 level of...

  • A sample of 81 account balances of a credit company showed an average balance of $1,200...

    A sample of 81 account balances of a credit company showed an average balance of $1,200 with a standard deviation of $126. You want to determine if the mean of all account balances is significantly different from last years average balance of $1,150. Use a .05 level of significance. State the null and alternative hypothesis. A) Ho: u > 1,150   Ha: u < 1,150 B) Ho: u < 1,150   Ha: u > 1,150 C) Ho: u = 12     Ha: u...

  • Previous study showed that the average expenditure per student for a certain year was $10,000 with...

    Previous study showed that the average expenditure per student for a certain year was $10,000 with population standard deviation of $2,500.  Thomas argues that the average expenditure has changed (i.e. the average expenditure is NOT equal to $10,000).  He finds that a survey of 100 randomly selected University students resulted in a sample mean of $10,500.  Using this sample statistics, John tries to test his argument with α = .05. Which is correct null hypothesis? Group of answer choices H0: µ = 10,500...

  • It is believed that the average amount of money spent per U.S. household per week on...

    It is believed that the average amount of money spent per U.S. household per week on food is about $96, with standard deviation $9. A random sample of 49 households in a certain affluent community yields a mean weekly food budget of $100. We want to test the hypothesis that the mean weekly food budget for all households in this community is higher than the national average. State the null and alternative hypotheses for this test, the test statistic and...

  • A travel agent claims the average seven-day cruise to the Caribbean is cheaper than the average...

    A travel agent claims the average seven-day cruise to the Caribbean is cheaper than the average seven-day cruise to Alaska. Here are the data of the average cost of seven-day cruises to the Caribbean and Alaska based on various cruise lines. Assume the significant level α=0.05. The Caribbean :    $1099     $1057       $1121      $1068       $1185       $1100                               Alaska :                  $1165     $1184       $1246      $1301       $1284       $1200 State the null hypothesis and the alternative hypothesis. Make sure you clearly indicate the parameters  for “the Caribbean” or for “Alaska”. H0: Ha: Calculate the test statistic. Specify which test...

  • QUESTION 12 5 points Saved In a survey of 200 publicly-traded companies, the average price earnings...

    QUESTION 12 5 points Saved In a survey of 200 publicly-traded companies, the average price earnings ratio was 18.5 with a standard deviation of 8.2. When testing the hypothesis (at the 5% level of significance) that the average price- earnings ratio has increased from the past value of 16.8, the null and alternative hypotheses would be which of the following? 0 H0: μ = 16.8. HA: μ #16.8 Ho: μ 16.8,HA: μ > 16.8 Hope 16.8,HA: μ < 16.8 HOP-16.8,HA:...

  • Gentle Ben is a Morgan horse at a Colorado dude ranch. Over the past 8 weeks,...

    Gentle Ben is a Morgan horse at a Colorado dude ranch. Over the past 8 weeks, a veterinarian took the following glucose readings from this horse (in mg/100 ml). 91 87 81 106 97 110 83 89 The sample mean is x ≈ 93.0. Let x be a random variable representing glucose readings taken from Gentle Ben. We may assume that x has a normal distribution, and we know from past experience that σ = 12.5. The mean glucose level...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT