A recent publication states that the average closing cost for purchasing a new home is $8542. A real estate agent believes the average closing cost is less than $8542. She selects 28 new home purchases and finds that the average closing costs are $7467 with a standard deviation of $238. Help her decide if she is correct by testing her claim at αα=0.05. The correct hypotheses would be: H0:μ≤$8542H0:μ≤$8542 HA:μ>$8542HA:μ>$8542 (claim) H0:μ≥$8542H0:μ≥$8542 HA:μ<$8542HA:μ<$8542 (claim) H0:μ=$8542H0:μ=$8542 HA:μ≠$8542HA:μ≠$8542 (claim) Since the level of significance is 0.05 the critical value is -1.703 The test statistic is: (round to 3 places) The p-value is: (round to 3 places) The decision can be made to: reject H0H0 do not reject H0H0 The final conclusion is that: There is enough evidence to reject the claim that the average closing cost is less than $8542. There is not enough evidence to reject the claim that the average closing cost is less than $8542. There is enough evidence to support the claim that the average closing cost is less than $8542. There is not enough evidence to support the claim that the average closing cost is less than $8542.
A recent publication states that the average closing cost for purchasing a new home is $8542. A real estate agent believes the average closing cost is less than $8542. She selects 28 new home purchases and finds that the average closing costs are $7467 with a standard deviation of $238. Help her decide if she is correct by testing her claim at αα=0.05. The correct hypotheses would be: H0:μ≤$8542H0:μ≤$8542 HA:μ>$8542HA:μ>$8542 (claim) H0:μ≥$8542H0:μ≥$8542 HA:μ<$8542HA:μ<$8542 (claim) H0:μ=$8542H0:μ=$8542 HA:μ≠$8542HA:μ≠$8542 (claim) Since the level of significance is 0.05 the critical value is -1.703 The test statistic is: (round to 3 places) The p-value is: (round to 3 places) The decision can be made to: reject H0H0 do not reject H0H0 The final conclusion is that: There is enough evidence to reject the claim that the average closing cost is less than $8542. There is not enough evidence to reject the claim that the average closing cost is less than $8542. There is enough evidence to support the claim that the average closing cost is less than $8542. There is not enough evidence to support the claim that the average closing cost is less than $8542.
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 recent publication states that the average closing cost for purchasing a new home is $8542. A real estate agent believes the average closing cost is less than $8542. She selects 28 new home purchases and finds that the average closing costs are $7467 with a standard deviation of $238. Help her decide if she is correct by testing her claim at αα=0.05.
The correct hypotheses would be:
- H0:μ≤$8542H0:μ≤$8542
HA:μ>$8542HA:μ>$8542 (claim) - H0:μ≥$8542H0:μ≥$8542
HA:μ<$8542HA:μ<$8542 (claim) - H0:μ=$8542H0:μ=$8542
HA:μ≠$8542HA:μ≠$8542 (claim)
Since the level of significance is 0.05 the critical value is -1.703
The test statistic is: (round to 3 places)
The p-value is: (round to 3 places)
The decision can be made to:
- reject H0H0
- do not reject H0H0
The final conclusion is that:
- There is enough evidence to reject the claim that the average closing cost is less than $8542.
- There is not enough evidence to reject the claim that the average closing cost is less than $8542.
- There is enough evidence to support the claim that the average closing cost is less than $8542.
- There is not enough evidence to support the claim that the average closing cost is less than $8542.
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