Are young people waiting longer to buy their first home? Some believe that many [10] factors, such as student loan debt, are forcing young people to put off buying their first home. In the 1980’s, the average age of a first time home buyer was 29 years old. Suppose we collect a sample of 35 first time home buyers and we find the average age of these individuals is 32.1 years old and the standard deviation is 9.7 years. Conduct a hypothesis test using α = .05. Make sure to state the null and alternative hypotheses, state the appropriate test statistic, set up the rejection region, find the P -value for this test, make your conclusion using both the rejection region method and the P-value, and state your conclusion in the context of the problem.
Are young people waiting longer to buy their first home? Some believe that many [10] factors, such as student loan debt, are forcing young people to put off buying their first home. In the 1980’s, the average age of a first time home buyer was 29 years old. Suppose we collect a sample of 35 first time home buyers and we find the average age of these individuals is 32.1 years old and the standard deviation is 9.7 years. Conduct a hypothesis test using α = .05. Make sure to state the null and alternative hypotheses, state the appropriate test statistic, set up the rejection region, find the P -value for this test, make your conclusion using both the rejection region method and the P-value, and state your conclusion in the context of the problem.
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