Answered: Homes in a nearby college town have a…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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Homes in a nearby college town have a mean value of $88,950. It's assumed that homes in the vicinity of the college have a higher mean value. To test this theory, a random sample of 12 homes is chosen from the college area. Their mean valuation is $92,460 and the standard deviation is $5200. Complete a hypothesis test using alpha=0.05. Assume prices are normally distributed.

a. Solve using the p-value approach.

Features Features Normal distribution is characterized by two parameters, mean (µ) and standard deviation (σ). When graphed, the mean represents the center of the bell curve and the graph is perfectly symmetric about the center. The mean, median, and mode are all equal for a normal distribution. The standard deviation measures the data's spread from the center. The higher the standard deviation, the more the data is spread out and the flatter the bell curve looks. Variance is another commonly used measure of the spread of the distribution and is equal to the square of the standard deviation.

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