The housing market in the Bay Area is absolutely insane! The competition for houses is sometimes so great that buyers will offer to pay much more than the asking price for a house. According the website openhouse.com, 236 of the 339 houses sold involved buyers paying over the asking price. Use this data to test the claim that the percentage of buyers in the bay area who are paying over the asking price is less than 75\%, which is the percentage buyers who paid over the asking price in the previous year. Use α = .05. Round your answers to three decimal places or to the nearest tenth of a percent. (e.g. .021 or 2.1%) For credit, the hypothesis test must contain: 1) Claim in terms of the appropriate parameter (e.g. μ = 4.5 m i l e s) 2) Null and alternative hypothesis 3) Sample evidence used 4) Test stat (z or t) , p-value and direction of test. (right, left or two tailed) 5) Whether you rejected or failed to reject the null hypothesis. 6) Conclusion telling us what the test concluded about your original claim.
The housing market in the Bay Area is absolutely insane! The competition for houses is sometimes so great that buyers will offer to pay much more than the asking price for a house. According the website openhouse.com, 236 of the 339 houses sold involved buyers paying over the asking price. Use this data to test the claim that the percentage of buyers in the bay area who are paying over the asking price is less than 75\%, which is the percentage buyers who paid over the asking price in the previous year. Use α = .05.
Round your answers to three decimal places or to the nearest tenth of a percent. (e.g. .021 or 2.1%)
For credit, the hypothesis test must contain:
1) Claim in terms of the appropriate parameter (e.g. μ = 4.5 m i l e s)
2) Null and alternative hypothesis
3) Sample evidence used
4) Test stat (z or t) , p-value and direction of test. (right, left or two tailed)
5) Whether you rejected or failed to reject the null hypothesis. 6) Conclusion telling us what the test concluded about your original claim.
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