The housing market has recovered slowly from the economic crisis of 2008. Recently, in one large community, realtors randomly sampled 33 bids from potential buyers to estimate the average loss in home value. The sample showed the average loss was $9246 with a standard deviation of $3026. In 2011, the average home in this region of the country lost $8503 in value. Was the community studied by the realtors unusual? Use a t-test to decide if the average loss observed was significantly different from the regional average.After calculating, what would the conclusion be? A.Fail to reject the null hypothesis using 0.05 as the P-value cutoff level. Conclude that the loss of home values in this community does not appear to be unusual. B.Fail to reject the null hypothesis using 0.05 as the P-value cutoff level. Conclude that the loss of home values in this community does appear to be unusual. C.Reject the null hypothesis using 0.05 as the P-value cutoff level. Conclude that the loss of home values in this community does not appear to be unusual. D.Reject the null hypothesis using 0.05 as the P-value cutoff level. Conclude that the loss of home values in this community does appear to be unusual. State the hypotheses. (The mean home value lost in the community is denoted by μ.)Ο A. Ho: μ#8503HA: μ = 8503C. Ho: μ< 8503HA: μ#8503Calculate the test statistic.tn -1 =(Round to two decimal places as needed.)Calculate the P-value.P-value =(Round to three decimal places as needed.)B. Ho: μ = 8503HA: μ#8503D. Ho: μ ≥8503HA: μ < 8503

Given information: x¯=9246s=3026n=33 Claim: If the average loss observed was significantly different…

Answered: The housing market has recovered slowly…

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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Question

The housing market has recovered slowly from the economic crisis of 2008. Recently, in one large community, realtors randomly sampled 33 bids from potential buyers to estimate the average loss in home value. The sample showed the average loss was $9246 with a standard deviation of $3026. In 2011, the average home in this region of the country lost $8503 in value. Was the community studied by the realtors unusual? Use a t-test to decide if the average loss observed was significantly different from the regional average.

After calculating, what would the conclusion be?

A.Fail to reject the null hypothesis using 0.05 as the P-value cutoff level. Conclude that the loss of home values in this community does not appear to be unusual.

Fail to reject the null hypothesis using 0.05 as the P-value cutoff level. Conclude that the loss of home values in this community does appear to be unusual.

Reject the null hypothesis using 0.05 as the P-value cutoff level. Conclude that the loss of home values in this community does not appear to be unusual.

Reject the null hypothesis using 0.05 as the P-value cutoff level. Conclude that the loss of home values in this community does appear to be unusual.