A newspaper in a large Midwestern city reported that the National Association of Realtors said that the mean home price last year was $116800. The city housing department feels that this figure is too low. They randomly selected 63 homes sales and obtained a sample mean price of $118,900. Assume that the population standard deviation is $3,700. Using a 5% level of significance, perform a hypothesis test to determine whether the population mean is higher than $116,800. STEP 1. H0: µ _ _ $ H1: µ _ ___ $ STEP 2. This test is (e) left-tailed, (f) two-tailed or (g) right-tailed test. This test is (enter e, f or g) STEP 3. The critical value(s) and test statistic is: Use the following chart to identify the critical value (s) Left-tailed Two-tailed Right tailed α =10% z = -1.28 (A) z=∓1.65z=∓1.65 (B) z =1.28 (C) α =5% z = -1.65 (D) z=∓1.96z=∓1.96 (E) z = 1.65 (F) α =1% z = -2.33 (G) z=∓2.58z=∓2.58 (H)

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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A newspaper in a large Midwestern city reported that the National Association of Realtors said that the mean home price last year was $116800. The city housing department feels that this figure is too low. They randomly selected 63 homes sales and obtained a sample mean price of $118,900. Assume that the population standard deviation is $3,700. Using a 5% level of significance, perform a hypothesis test to determine whether the population mean is higher than $116,800.

STEP 1. H₀: µ ___ _____ $ H₁: µ _____ _____ $

STEP 2. This test is (e) left-tailed, (f) two-tailed or (g) right-tailed test.

This test is (enter e, f or g)

STEP 3. The critical value(s) and test statistic is:

Use the following chart to identify the critical value (s)

Left-tailed Two-tailed Right tailed

α =10% z = -1.28 (A) z=∓1.65z=∓1.65 (B) z =1.28 (C)

α =5% z = -1.65 (D) z=∓1.96z=∓1.96 (E) z = 1.65 (F)

α =1% z = -2.33 (G) z=∓2.58z=∓2.58 (H) z = 2.33 (I)

Definition Definition Measure of central tendency that is the average of a given data set. The mean value is evaluated as the quotient of the sum of all observations by the sample size. The mean, in contrast to a median, is affected by extreme values. Very large or very small values can distract the mean from the center of the data. Arithmetic mean: The most common type of mean is the arithmetic mean. It is evaluated using the formula: μ = 1 N ∑ i = 1 N x i Other types of means are the geometric mean, logarithmic mean, and harmonic mean. Geometric mean: The nth root of the product of n observations from a data set is defined as the geometric mean of the set: G = x 1 x 2 ... x n n Logarithmic mean: The difference of the natural logarithms of the two numbers, divided by the difference between the numbers is the logarithmic mean of the two numbers. The logarithmic mean is used particularly in heat transfer and mass transfer. ln x 2 − ln x 1 x 2 − x 1 Harmonic mean: The inverse of the arithmetic mean of the inverses of all the numbers in a data set is the harmonic mean of the data. 1 1 x 1 + 1 x 2 + ...

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