Question

12. 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. Has the price decreased?

The correct null hypothesis for this problem is

(a) the average house price is less than $220,000

(b) the average house price is less than or equal $220,000

(c) the average house price equals $220,000

(d) the average house price is greater than or equal to $220,000

13.

Refer to Question 12, what is the p-value associated with the hypothesis test? Round your answer to three decimal places.

14.

Refer to Question 13. If alpha is .05, the correct conclusion is

(a) inconclusive

(b) reject the null hypothesis    

(c reject both hypotheses

(d) do not reject the null hypothesis

Answer 1