A real estate agent believes that the mean home price in the northern part of a county is higher than the mean price in the southern part of the county and would like to test the claim. A simple random sample of housing prices is taken from each region. The results are shown below. Southern Northern154.889 167.833354.458 521.912MeanVarianceObservations1818Pooled Variance438.185Hypothesized Mean Differenceaf34t StatP(Tc+t) one-tailt Critical one-tail1.8850.0361.691p= Ex:0.072P(T<«t) two-tailt Critical two-tailConfidence Level2.03295%Degrees of freedom: dfPoint estimate for the southern part of the county: T1 = Ex: 1.234Point estimate for the northern part of the county. T22.

Answered: A real estate agent believes that the…

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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Question

A real estate agent believes that the mean home price in the northern part of a county is higher than the mean price in the southern part of the county and would like to test the claim. A simple random sample of housing prices is taken from each region. The results are shown below.

Southern Northern
154.889 167.833
354.458 521.912
Mean
Variance
Observations
18
18
Pooled Variance
438.185
Hypothesized Mean Difference
af
34
t Stat
P(Tc+t) one-tail
t Critical one-tail
1.885
0.036
1.691
p= Ex:
0.072
P(T<«t) two-tail
t Critical two-tail
Confidence Level
2.032
95%
Degrees of freedom: df
Point estimate for the southern part of the county: T1 = Ex: 1.234
Point estimate for the northern part of the county. T2
2.

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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A real estate agent believes that the mean home price in the northern part of a county is higher than the mean price in the southern part of the county.