A real estate agent believes that the value of houses in the neighborhood she works in has increased from last year. To test this claim, she selects random houses in this neighborhood and compares their estimated market value in the current year to their estimated market value in the previous year. Suppose that data were collected for a random sample of 8 houses, where each difference is calculated by subtracting the market value of the previous year from the market value of the current year. Assume that the values are normally distributed. The agent uses the alternative hypothesis Ha:μd>0. Using a test statistic of t≈7.496, which has 7 degrees of freedom, determine the range that contains the p-value. Probability 0.10 0.05 0.025 0.01 0.005 Degrees of Freedom 5 1.476 2.015 2.571 3.365 4.032 6 1.440 1.943 2.447 3.143 3.707 7 1.415 1.895 2.365 2.998 3.499 8 1.397 1.860 2.306 2.896 3.355 9 1.383 1.833 2.262 2.821 3.250 10 1.372 1.812 2.228 2.764 3.169 11 1.363 1.796 2.201 2.718 3.106 12 1.356 1.782 2.179 2.681 3.055 13 1.350 1.771 2.160 2.650 3.012 14 1.345 1.761 2.145 2.624 2.977 15 1.341 1.753 2.131 2.602 2.947 A) p-value >0.10 B) 0.05< p-value <0.10 C) 0.01< p-value <0.05 D) p-value <0.01

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

See similar textbooks

Related questions

Concept explainers

Question

100%

A real estate agent believes that the value of houses in the neighborhood she works in has increased from last year. To test this claim, she selects random houses in this neighborhood and compares their estimated market value in the current year to their estimated market value in the previous year. Suppose that data were collected for a random sample of 8 houses, where each difference is calculated by subtracting the market value of the previous year from the market value of the current year. Assume that the values are normally distributed. The agent uses the alternative hypothesis Ha:μd>0. Using a test statistic of t≈7.496, which has 7 degrees of freedom, determine the range that contains the p-value.

Probability	0.10	0.05	0.025	0.01	0.005
Degrees of Freedom
5	1.476	2.015	2.571	3.365	4.032
6	1.440	1.943	2.447	3.143	3.707
7	1.415	1.895	2.365	2.998	3.499
8	1.397	1.860	2.306	2.896	3.355
9	1.383	1.833	2.262	2.821	3.250
10	1.372	1.812	2.228	2.764	3.169
11	1.363	1.796	2.201	2.718	3.106
12	1.356	1.782	2.179	2.681	3.055
13	1.350	1.771	2.160	2.650	3.012
14	1.345	1.761	2.145	2.624	2.977
15	1.341	1.753	2.131	2.602	2.947

A) p-value >0.10

B) 0.05< p-value <0.10

C) 0.01< p-value <0.05

D) p-value <0.01

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 3 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

$Point Estimation, Limit Theorems, Approximations, and Bounds$

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, statistics and related others by exploring similar questions and additional content below.

Similar questions