If a random sample of 20 homes south of a town has a mean selling price of $145,375 and a standard deviation of $4625, and a random sample of 19 homes north of a town has a mean selling price of $148,575 and a standard deviation of $5925, can you conclude that there is a significant difference between the selling price of homes in these two areas of the town at the 0.05 level? Assume normality. (a) Find t. (Round your answer to two decimal places.) (ii) Find the p-value. (Round your answer to four decimal places.) (b) State the appropriate conclusion. Fail to reject the null hypothesis. There is significant evidence of a difference in means.Reject the null hypothesis. There is not significant evidence of a difference in means. Reject the null hypothesis. There is significant evidence of a difference in means.Fail to rejec
Inverse Normal Distribution
The method used for finding the corresponding z-critical value in a normal distribution using the known probability is said to be an inverse normal distribution. The inverse normal distribution is a continuous probability distribution with a family of two parameters.
Mean, Median, Mode
It is a descriptive summary of a data set. It can be defined by using some of the measures. The central tendencies do not provide information regarding individual data from the dataset. However, they give a summary of the data set. The central tendency or measure of central tendency is a central or typical value for a probability distribution.
Z-Scores
A z-score is a unit of measurement used in statistics to describe the position of a raw score in terms of its distance from the mean, measured with reference to standard deviation from the mean. Z-scores are useful in statistics because they allow comparison between two scores that belong to different normal distributions.
If a random sample of 20 homes south of a town has a mean selling price of $145,375 and a standard deviation of $4625, and a random sample of 19 homes north of a town has a mean selling price of $148,575 and a standard deviation of $5925, can you conclude that there is a significant difference between the selling price of homes in these two areas of the town at the 0.05 level? Assume normality.
(ii) Find the p-value. (Round your answer to four decimal places.)
(b) State the appropriate conclusion.
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