Assume that the average home price in the U.S. is µ = $292,700 with o = $60,000. A local real estate company in Ohio believes that the average home price in a well-esteemed neighborhood is higher than the national average. The real estate company takes a random sample of 36 homes from this neighborhood and finds that X = 310,000. Do homes in this neighborhood cost more than the U.S. average? Assume a = .10. Please show the four-step hypothesis test. %3D
Assume that the average home price in the U.S. is µ = $292,700 with o = $60,000. A local real estate company in Ohio believes that the average home price in a well-esteemed neighborhood is higher than the national average. The real estate company takes a random sample of 36 homes from this neighborhood and finds that X = 310,000. Do homes in this neighborhood cost more than the U.S. average? Assume a = .10. Please show the four-step hypothesis test. %3D
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Transcribed Image Text:$292,700 with o = $60,000. A local real
Assume that the average home price in the U.S. is u =
estate company in Ohio believes that the average home price in a well-esteemed neighborhood is
higher than the national average. The real estate company takes a random sample of 36 homes
from this neighborhood and finds that X = 310,000. Do homes in this neighborhood cost more
than the U.S. average? Assume a = .10. Please show the four-step hypothesis test.
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