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You are looking to find if the average selling price of a home in an area is greater than $350,000. You look at 50 homes in the area and compute the average price of the 50 homes to be $350,000 with a standard deviation of $25,000. At the 5% significance level we determine if the null hypothesis should be rejected. Give the null and alternative hypotheses.

You are looking to find if the average selling price of a home in an area is greater than $350,000. You look at 50 homes in the area and compute the average price of the 50 homes to be $350,000 with a standard deviation of $25,000. At the 5% significance level we determine if the null hypothesis should be rejected. Give the null and alternative hypotheses.

MATLAB: An Introduction with Applications
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 20: give the conclusion.
You are looking to find if the average selling price of a home in an area is greater than $350,000. You look at 50 homes in the area and compute the average price of the 50 homes to be $350,000 with a standard deviation of $25,000. At the 5% significance level we determine if the null hypothesis should be rejected. Give the null and alternative hypotheses.
Transcribed Image Text:You are looking to find if the average selling price of a home in an area is greater than $350,000. You look at 50 homes in the area and compute the average price of the 50 homes to be $350,000 with a standard deviation of $25,000. At the 5% significance level we determine if the null hypothesis should be rejected. Give the null and alternative hypotheses.
Give the conclusion. Reject the null since the test statistic is in the rejection and the p- value is larger than the significance. Reject the null since the test statistic is in the rejection region and the p-value is smaller than the significance Fail to reject the null since the test statistic is not in the rejection region and the p-value is larger than the significance Fail to reject the null since the test statistic is not in the rejection region and the p-value is smaller than the significance.
Transcribed Image Text:Give the conclusion. Reject the null since the test statistic is in the rejection and the p- value is larger than the significance. Reject the null since the test statistic is in the rejection region and the p-value is smaller than the significance Fail to reject the null since the test statistic is not in the rejection region and the p-value is larger than the significance Fail to reject the null since the test statistic is not in the rejection region and the p-value is smaller than the significance.
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