Problem 8:Suppose that in past years the average purchase price per square foot for warehouse space in the United Stateshas been $32.28. A national real estate investor wants to determine whether that figure has changed. Theinvestor hires a researcher who randomly samples 19 warehouses that are for sale across the United States andfinds that the mean is $32.73. The population standard deviation is $1.29. Can the researcher conclude thatthe average purchase price per square foot has changed? Test at the 90% confidence level. For these problems you should complete the 8 steps of the hypothesis testing process.State the null and alternative hypotheses.Specify alpha (a) based on the confidence level indicated.Use alpha to develop the critical value that delineates the rejection region. Remember to use a/2for two-tailed tests. Draw the curve and indicate the rejection region.Use information from the problem to compute the test statisticCalculate P-value based on test statistic.1.2.3.4.5.a) If population standard deviation or proportion use Z or normal distribution tableOne tail: 0.5 – area in non cum table.Two tailed: PV = 2* (0.5- area in non cum table)b) If sample standard deviation use t table with df = n-1.PV will be a range..e.g. 0.025 to 0.05.Compare the test statistic to the critical value. Compare the P-value to alpha.Based on your comparisons identify your decision (i.e. reject null hypothesis Ho or fail to rejectnull hypothesis Ho). Reject the null hypothesis if the test statistic is in the rejection region.Reject the null hypothesis if the P-value is smaller than alpha. The outcome of the p-value andcritical value approach will always lead to the same decision.Indicate the conclusion for the scenario6.7.8.IF Reject Ho: at % (confidence level indicated) can conclude HaIF Fail to Reject Ho: at % (confidence level indicated) can NOT conclude Ha

The hypotheses of the test are given as follows: Null hypothesis: µ=32.28. Alternative hypothesis:…

Problem 8: Suppose that in past years the average purchase price per square foot for warehouse space in the United States has been $32.28. A national real estate investor wants to determine whether that figure has changed. The investor hires a researcher who randomly samples 19 warehouses that are for sale across the United States and finds that the mean is $32.73. The population standard deviation is $1.29. Can the researcher conclude that the average purchase price per square foot has changed? Test at the 90% confidence level.

Problem 8: Suppose that in past years the average purchase price per square foot for warehouse space in the United States has been $32.28. A national real estate investor wants to determine whether that figure has changed. The investor hires a researcher who randomly samples 19 warehouses that are for sale across the United States and finds that the mean is $32.73. The population standard deviation is $1.29. Can the researcher conclude that the average purchase price per square foot has changed? Test at the 90% confidence level.

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

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