A researcher wants to test if the mean price of houses in an area is greater than $145,000. A random sample of 35 houses selected from the area produces a mean price of $149,700. Assume that  $13,100, and that the test is to be made at the 1% significance level.a. What is the critical value of z?A) 1.88 B) 2.17 C) 1.96 D) 2.58b. What is the value of the test statistic, z, rounded to three decimal places?c. What is the p-value for this hypothesis test, rounded to four decimal places?d. Should you reject or fail to reject the null hypothesis in this test? (State your answer as "reject" or "fail to reject", but don't include the quotation marks.) A researcher wants to test if the mean price of houses in an area is greater than $145,000. A randomsample of 35 houses selected from the area produces a mean price of $149,700. Assume that O =$13,100, andthat the test is to be made at the 1% significance level.а.What is the critical value of z?A) 1.88B) 2.17C) 1.96D) 2.58b.What is the value of the test statistic, z, rounded to three decimal places?c. What is the p-value for this hypothesis test, rounded to four decimal places?d.Should you reject or fail to reject the null hypothesis in this test? (State your answer as "reject" or"fail to reject", but don't include the quotation marks.)

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Description: A researcher wants to test if the mean price of houses in an area is greater than $145,000. A random sample of 35 houses selected from the area produces a mean price of $149,700. Assume that  $13,100, and that the test is to be made at the 1% signi

a. Computation of critical value: α=0.01α2=0.0051-α2=0.995 The critical value of z-distribution can…

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MATLAB: An Introduction with Applications

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ISBN:9781119256830

Author:Amos Gilat

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A researcher wants to test if the mean price of houses in an area is greater than $145,000. A random sample of 35 houses selected from the area produces a mean price of $149,700. Assume that  $13,100, and that the test is to be made at the 1% significance level.
a. What is the critical value of z?
A) 1.88 B) 2.17 C) 1.96 D) 2.58
b. What is the value of the test statistic, z, rounded to three decimal places?
c. What is the p-value for this hypothesis test, rounded to four decimal places?
d. Should you reject or fail to reject the null hypothesis in this test? (State your answer as "reject" or "fail to reject", but don't include the quotation marks.)

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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