According to an estimate, the average price of homes in Martha’s Vineyard, Massachusetts, was $650,000 in 2011 (USA TODAY, August 11, 2011). A recent random sample of 70 homes from Martha’s Vineyard showed that their average price is $680,000 with a standard deviation of $100,000. Using a 2% significance level, can you conclude that the current average price of homes in Martha’s Vineyard is different from $650,000? Use both the p-value and critical-value approaches.**Instructions:**- Use the **p-value approach**. Use the t distribution table to find a range for the p-value. Enter the exact values for the range. - [Info Button] < p-value < [Info Button]- Use the **critical-value approach**. Enter the critical values with 3 decimal places in increasing order. Round your observed value to four decimal places. - Observed value = [Info Button] - Critical value 1 = - Critical value 2 = **Conclusion:** We conclude that the current average price of homes in Martha’s Vineyard is [Dropdown: equal to/different from] $650,000.**Interactive Elements:**- **Info Buttons**: Provide guidance or tips when hovered over or clicked.- **Dropdown Menu**: Offers options to conclude if the average price is equal to or different from $650,000.**Supporting Materials:**- **eTextbook and Media**: Resources for additional learning and context.

From t-distribution table, 2.51 lies between (corresponding to 69 degrees of freedom), α=0.01 and α=0.025.

According to an estimate, the average price of homes in Martha's Vineyard, Massachusetts, was $650,000 in 2011 (USA TODAY, August 11, 2011). Arecent random sample of 70 homes from Martha's Vineyard showed that their average price is $680,000 with a standard deviation of $100,000. Using a 2% significance level, can you conclude that the current average price of homes in Martha's Vineyard is different from $650,000? Use both the p-value and critical-value approaches. Use the p-value approach. Use the t distribution table to find a range for the p-value. Enter the exact values for the range.

According to an estimate, the average price of homes in Martha's Vineyard, Massachusetts, was $650,000 in 2011 (USA TODAY, August 11, 2011). Arecent random sample of 70 homes from Martha's Vineyard showed that their average price is $680,000 with a standard deviation of $100,000. Using a 2% significance level, can you conclude that the current average price of homes in Martha's Vineyard is different from $650,000? Use both the p-value and critical-value approaches. Use the p-value approach. Use the t distribution table to find a range for the p-value. Enter the exact values for the range.

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

See similar textbooks

Similar questions

Suppose Michigan State University's Collegiate Employment Institute found that starting salaries for recipients of bachelor's degrees in business was $50,032 in 2017. The results for a sample of 100 business majors receiving a bachelor's degree in 2018 showed a mean starting salary of $51,277 with a sample standard deviation of $5,200. Conduct a hypothesis test to determine whether the mean starting salary for business majors in 2018 is greater than the mean starting salary in 2017. Use ? = 0.01 as the level of significance. State the null and alternative hypotheses. (Enter != for ≠ as needed.) H0: Ha: Find the value of the test statistic. (Round your answer to three decimal places.) = Find the p-value. (Round your answer to four decimal places.) p-value = State your conclusion. (A) Reject H0. There is sufficient evidence to conclude that the mean starting salary for business majors has increased in 2018. (B) Do not reject H0. There is sufficient evidence to…
A survey found that the mean commute time is 25.4 minutes for the fifteen largest U.S. cities.The Austin, TX, chamber of commerce feels that Austin's commute time is less. A survey of 25 randomly selected commuters had a mean of 22.1 minutes with a standard deviation of 5.3 minutes. At the 10% level, does the survey data suggest that Austin commute time is significantly less than the national average? Your answer should have the following: 1). Null hypothesis:2). Alternative hypothesis: 3). Test Type: P-test
Mary's height is 68 inches, in comparison to a group whose height is 65.5 inches with standard deviation of 1.5 inches. What is the z-score of Mary's height? What does the result tell you?
The average wage for bank managers in a certain city is $91,900 per hour with a standard deviation of $24,300. What should be the hourly wage for an administrator if he/she wishes to earn less than 25% of all employees?
Suppose Michigan State University's Collegiate Employment Institute found that starting salaries for recipients of bachelor's degrees in business was $50,032 in 2017. The results for a sample of 100 business majors receiving a bachelor's degree in 2018 showed a mean starting salary of $51,279 with a sample standard deviation of $5,200. Conduct a hypothesis test to determine whether the mean starting salary for business majors in 2018 is greater than the mean starting salary in 2017. Use ? = 0.01 as the level of significance. State the null and alternative hypotheses. (Enter != for ≠ as needed.) H0: Ha: Find the value of the test statistic. (Round your answer to three decimal places.) Find the p-value. (Round your answer to four decimal places.) p-value = State your conclusion. Reject H0. There is insufficient evidence to conclude that the mean starting salary for business majors has increased in 2018. Reject H0. There is sufficient evidence to conclude that…
Fuel efficiency of Prius: Fueleconomy.gov, the official US government source for fuel economy information, allows users to share gas mileage information on their vehicles. The histogram below shows the distribution of gas mileage in miles per gallon (MPG) from 14 users who drive a 2012 Toyota Prius. The sample mean is 53.3 MPG and the standard deviation is 5.2 MPG. Note that these data are user estimates and since the source data cannot be verified, the accuracy of these estimates are not guaranteed. (a) The EPA claims that a 2012 Prius gets 50 MPG (city and highway mileage combined). Do these data provide strong evidence against this estimate for drivers who participate on fueleconomy.gov? The test statistic is: __________________(please round to two decimal places)The p-value:___________________________ for this hypothesis test is: (please round to four decimal places)(c) Please comment on the primary thing that is wrong about the following statement: There is sufficient evidence…
A report about how American college students manage their finances includes data from a survey of college students. Each person in a representative sample of 793 college students was asked if they had one or more credit cards and if so, whether they paid their balance in full each month. There were 500 who paid in full each month. For this sample of 500 students, the sample mean credit card balance was reported to be $825. The sample standard deviation of the credit card balances for these 500 students was not reported, but for purposes of this exercise, suppose that it was $205. Is there convincing evidence that college students who pay their credit card balance in full each month have a mean balance that is lower than $907, the value reported for all college students with credit cards? Carry out a hypothesis test using a significance level of 0.01. State the appropriate null and alternative hypotheses. H0: ? = 907 Ha: ? < 907 H0: ? = 907 Ha: ? > 907 H0: ? < 907…
According to the Department of Education the mean number of hours college students spend studying each week follows a normal distribution with a mean of 20 hours and a standard deviation of 9 hours. What ‘hours of study’ represent the 90th percentile? What ‘hours of study’ represent the 15th percentile?
What is the formula for the mean absolute deviation formula for paired data sets?
A bottled water distributor wants to determine whether the mean amount of water contained in 1-gallon bottles purchased from a nationally known water bottling company is actually 1 gallon. You know from the water bottling company specifications that the standard deviation of the amount of water is 0.02 gallon. You select a random sample of 50 bottles, and the mean amount of water per 1-gallon bottle is 0.992 gallon. What is the test statistic?
A survey found that the mean commute time is 25.4 minutes for the fifteen largest U.S. cities.The Austin, TX, chamber of commerce feels that Austin's commute time is less. A survey of 25 randomly selected commuters had a mean of 22.1 minutes with a standard deviation of 5.3minutes. At the 10% level, does the survey data suggest that Austin commute time is significantly less than the national average?Your answer should have the following: 1). Significance Level: Alpha =2). Sample Size: n = 3). Sample X =