Question

Find the average price of homes in the county you selected and use that as population mean prices to state a hypothesis about the data. Note that you already have a sample mean of your area, Use this to set up a hypothesis test. Develop a summary of the five-step hypothesis testing model.

Answer 1

hello your question has some missing part attached below is the missing part

Average Price of home in my county= $580,400 Mean=640069.371428571 stand error= 20175.166257334

The Sample mean that already have = $ 640,069 Stand. Dev.=119357.893215687 count= 35 Variance: 14246306672.8874

Critical t= confidence=95% sign= 5%

2.05183052

Answer :

First step : Confidence interval

Second step : Hypothesis test

Third step : perform a Test statistic

Fourth step : Reject null hypothesis

Fifth step : conclusion

Explanation:

First step : Confidence interval

attached below

confidence interval ; ( 599068.13, 681069.87 )

Second step : Hypothesis test

attached below

Critical values of t = ± 2.032 ( from table )

Third step : perform a Test statistic

attached below

hence t = 2.958

Fourth step : Reject null hypothesis

we will reject null hypothesis because calculated value of t = 2.958 > critical value ( t = 2.032 )

Fifth step : conclusion

Provided data supports claim that average price of home in my area is the same as average price of home in the entire country .