A sample of 350 homes for sale in ABC City showed a mean asking price of $247,000, but the city claimed that the mean asking price for the population was $253,000. The population standard deviation of all homes for sale was $8,000. Use the p-value approach to conduct a full hypothesis test (all steps- follow the guidance in the last problem) that can be used to determine whether the mean asking price is significantly less than $253,000. Let a =.10.

MATLAB: An Introduction with Applications
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ISBN:9781119256830
Author:Amos Gilat
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A sample of 350 homes for sale in ABC City showed a mean asking price of $247,000, but the
city claimed that the mean asking price for the population was $253,000. The population
standard deviation of all homes for sale was $8,000. Use the p-value approach to conduct a full
hypothesis test (all steps- follow the guidance in the last problem) that can be used to determine
whether the mean asking price is significantly less than $253,000. Let a =.10.
Transcribed Image Text:A sample of 350 homes for sale in ABC City showed a mean asking price of $247,000, but the city claimed that the mean asking price for the population was $253,000. The population standard deviation of all homes for sale was $8,000. Use the p-value approach to conduct a full hypothesis test (all steps- follow the guidance in the last problem) that can be used to determine whether the mean asking price is significantly less than $253,000. Let a =.10.
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