All manual computations must be carried with four decimal accuracy. Nickel Savings and Loan wishes to compare the two companies it uses to appraise the value of residential homes. Nickel Savings selected a sample of 10 residential properties and scheduled both firms for an appraisal. The result reported in $000 are: Home Schadek Bowyers A 235 228 B 210 205 C 231 219 D 242 240 E 205 198 F 230 223 G 231 227 H 210 215 i 225 222 J 245 245 At 0.025 level of significance, can it be concluded that Bowyers has a lower mean appraisal home value? Data File: Appraisals.xlsx Determine which of the following formulations of the hypotheses is most appropriate and enter the corresponding number in the answer text box. Note: Index “b” refers to appraisals by Bowers and index “s” refers to the appraisals by Schadek For example if you think formulation number 2 is the most appropriate formulation for this problem then enter “2” in the answer text box and re-enter to confirm. H0: μb – μs ≤ 0 Ha: μb – μs > 0 H0: μb – μs ≥ 0 Ha: μb – μs < 0 H0: b – s ≤ 0 Ha: b – s > 0 H0: b – s≥ 0 Ha: b – s < 0 H0: Pb– Ps≤ 0 Ha: Pb – Ps > 0 H0: Pb – ps≥ 0 Ha: Pb – ps < 0 H0: μd ≤ 0 Ha: μd > 0 the difference is computed as: Bowyers appraisal – Schadek appraisals H0: μd ≥ 0 Ha: μd < 0 the difference is computed as: Bowyers appraisal – Schadek appraisal Your answer is: For part b. of this problem enter the absolute value of your answer in the response text box. Do not include the plus or minus sign with your answer. Enter the answer in xx.xx format. That is, first round your answer to two decimals and then use leading and trailing zeros to exactly match the format. For example, if your answer is 6.1525, first round it to two decimals which is 6.15 and then enter it as 06.15 to match the format. If your answer is -.2 then enter it as 00.20 in the answer box and do not include the minus sign. What is the standard error of estimate? Enter the answer in xx.xx format per instructions for part b. Your answer is: What is the value of the test statistics? Enter the answer in xx.xx format per instructions for part b. Your answer is: What is the P-Value? Enter the answer in xx.xx format per instructions for part b. Your answer is: What is your decision? Enter “R” if your decision is to reject the null hypotheses. Enter “F” if the decision is do not reject the null hypotheses. Your answer (R/F) is: Enter the answer in percent and round it to the nearest integer. For example if the probability of wrong decision is 0.155, multiply it by 100 to change it to percent (100*0.155=15.5), and then round it to the nearest integer which would be 16. Enter 16 in the answer text box. If there is not enough information available to compute the probability enter “N” in the answer text box If it is decided to reject the null hypothesis, what is the risk of having made a wrong decision? Your answer is (percent in integer format/N): Which of the followings is/are appropriate conclusion for the hypotheses test? Note that there may be more than one appropriate response. Enter “A” if the conclusion is appropriate and enter “N” if the conclusion is not appropriate. At 97.5% confidence level, the data provides sufficient evidence to conclude that on the average Bowyers has lower appraisals than Schadek. Your answer(A/N) is: At 97.5% confidence level, the data does not support that on the average Bowyers has lower appraisals than Schadek. Your answer (A/N) is: With a maximum risk of 2.5% of being wrong, we can conclude that the data supports that on the average Bowyers has lower appraisals than Schadek. Your answer (A/N) is:
All manual computations must be carried with four decimal accuracy.
Nickel Savings and Loan wishes to compare the two companies it uses to appraise the value of residential homes. Nickel Savings selected a sample of 10 residential properties and scheduled both firms for an appraisal. The result reported in $000 are:
Home Schadek Bowyers
A 235 228
B 210 205
C 231 219
D 242 240
E 205 198
F 230 223
G 231 227
H 210 215
i 225 222
J 245 245
At 0.025 level of significance, can it be concluded that Bowyers has a lower mean appraisal home value?
Data File:
Appraisals.xlsx
Determine which of the following formulations of the hypotheses is most appropriate and enter the corresponding number in the answer text box.
Note: Index “b” refers to appraisals by Bowers and index “s” refers to the appraisals by Schadek
For example if you think formulation number 2 is the most appropriate formulation for this problem then enter “2” in the answer text box and re-enter to confirm.
H0: μb – μs ≤ 0 Ha: μb – μs > 0
H0: μb – μs ≥ 0 Ha: μb – μs < 0
H0: b – s ≤ 0 Ha: b – s > 0
H0: b – s≥ 0 Ha: b – s < 0
H0: Pb– Ps≤ 0 Ha: Pb – Ps > 0
H0: Pb – ps≥ 0 Ha: Pb – ps < 0
H0: μd ≤ 0 Ha: μd > 0
the difference is computed as: Bowyers appraisal – Schadek appraisals
H0: μd ≥ 0 Ha: μd < 0 the difference is computed as: Bowyers appraisal – Schadek appraisal
Your answer is:
For part b. of this problem enter the absolute value of your answer in the response text box. Do not include the plus or minus sign with your answer. Enter the answer in xx.xx format. That is, first round your answer to two decimals and then use leading and trailing zeros to exactly match the format. For example, if your answer is 6.1525, first round it to two decimals which is 6.15 and then enter it as 06.15 to match the format. If your answer is -.2 then enter it as 00.20 in the answer box and do not include the minus sign.
What is the standard error of estimate? Enter the answer in xx.xx format per instructions for part b.
Your answer is:
What is the value of the test statistics? Enter the answer in xx.xx format per instructions for part b.
Your answer is:
What is the P-Value? Enter the answer in xx.xx format per instructions for part b.
Your answer is:
What is your decision? Enter “R” if your decision is to reject the null hypotheses. Enter “F” if the decision is do not reject the null hypotheses.
Your answer (R/F) is:
Enter the answer in percent and round it to the nearest integer. For example if the probability of wrong decision is 0.155, multiply it by 100 to change it to percent (100*0.155=15.5), and then round it to the nearest integer which would be 16. Enter 16 in the answer text box. If there is not enough information available to compute the probability enter “N” in the answer text box
If it is decided to reject the null hypothesis, what is the risk of having made a wrong decision?
Your answer is (percent in integer format/N):
Which of the followings is/are appropriate conclusion for the hypotheses test? Note that there may be more than one appropriate response.
Enter “A” if the conclusion is appropriate and enter “N” if the conclusion is not appropriate.
At 97.5% confidence level, the data provides sufficient evidence to conclude that on the average Bowyers has lower appraisals than Schadek.
Your answer(A/N) is:
At 97.5% confidence level, the data does not support that on the average Bowyers has lower appraisals than Schadek.
Your answer (A/N) is:
With a maximum risk of 2.5% of being wrong, we can conclude that the data supports that on the average Bowyers has lower appraisals than Schadek.
Your answer (A/N) is:
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