A survey of 40 home prices in a metropolitan area has the following results.PriceLess than $200,000Equal to $200,000More than $200,000Number of homes13127Test the hypothesis that the median price in the metropolitan is $200,000Test the hypothesis that the median price in the metropolitan is more than $200,000ɑ = 0.05 in both cases. Include hypothesis formulation, use the binomial approach, and explain your calculations in detail. Include p values in both cases.

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Description: A survey of 40 home prices in a metropolitan area has the following results.PriceLess than $200,000Equal to $200,000More than $200,000Number of homes13127Test the hypothesis that the median price in the metropolitan is $200,000Test the hypothesis tha

(a). Test the hypothesis that the median price in the metropolitan is $200,000: Given data…

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MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

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A survey of 40 home prices in a metropolitan area has the following results.

Price	Less than $200,000	Equal to $200,000	More than $200,000
Number of homes	13	1	27

Test the hypothesis that the median price in the metropolitan is $200,000
Test the hypothesis that the median price in the metropolitan is more than $200,000

ɑ = 0.05 in both cases. Include hypothesis formulation, use the binomial approach, and explain your calculations in detail. Include p values in both cases.

Definition Definition Middle value of a data set. The median divides a data set into two halves, and it also called the 50th percentile. The median is much less affected by outliers and skewed data than the mean. If the number of elements in a dataset is odd, then the middlemost element of the data arranged in ascending or descending order is the median. If the number of elements in the dataset is even, the average of the two central elements of the arranged data is the median of the set. For example, if a dataset has five items—12, 13, 21, 27, 31—the median is the third item in ascending order, or 21. If a dataset has six items—12, 13, 21, 27, 31, 33—the median is the average of the third (21) and fourth (27) items. It is calculated as follows: (21 + 27) / 2 = 24.

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