Answered: A Realtor claims that no more than half…

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 Realtor claims that no more than half of the homes he sells are sold for less than the asking price. When reviewing a random sample of 12 sales over the past year, he found that actually 8 were sold below the asking price.

(a) The assumption of normality is justified.

(b-1) Calculate a p-value for the observed sample outcome, using the normal distribution. (Round your z-value to 2 decimal places. Round your answer to 4 decimal places.)

p-value

(b-2) At the .05 level of significance in a right-tailed test, is the proportion of homes sold for less than the asking price greater than 50%?

(c) Use Excel to calculate the binomial probability P(X ≥ 8 | n = 12, ππ = .50) = 1 − P(X ≤ 7 | n = 12, ππ = .50). (Round your answer to 4 decimal places.)

P(X ≥ 8)

Features Features Normal distribution is characterized by two parameters, mean (µ) and standard deviation (σ). When graphed, the mean represents the center of the bell curve and the graph is perfectly symmetric about the center. The mean, median, and mode are all equal for a normal distribution. The standard deviation measures the data's spread from the center. The higher the standard deviation, the more the data is spread out and the flatter the bell curve looks. Variance is another commonly used measure of the spread of the distribution and is equal to the square of the standard deviation.

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