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
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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8e2dc01e-c1fa-459d-9305-aefe7746c3f5%2Ff9fc94f1-8739-47ee-b4ca-0819864bf9a9%2F8ayz45o_processed.jpeg&w=3840&q=75)
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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8e2dc01e-c1fa-459d-9305-aefe7746c3f5%2Ff9fc94f1-8739-47ee-b4ca-0819864bf9a9%2F1go472j_processed.jpeg&w=3840&q=75)
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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