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...

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