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Name: The average price of homes sold in the U.S. in the past year was $220,
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Description: The average price of homes sold in the U.S. in the past year was $220,000. A random sample of 81 homes sold this year showed an average price of $210,000. It is known that the standard deviation of the population is $36,000. At a 5% level of signific

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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The average price of homes sold in the U.S. in the past year was $220,000. A random sample of 81 homes sold this year showed an average price of $210,000. It is known that the standard deviation of the population is $36,000. At a 5% level of significance, test to determine if there has been a significant decrease in the average price of homes.

1- State the null and alternative hypotheses to be tested

2- Which test do you need to use for this question?

3-Compute the test statistic. What is the value?

4-Determine the critical value for this test. What is the value?

5-Compute the p-value. What is the value?

6- What do you conclude?

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