Question

A realty company looks at a recent sample of houses that have sold On testing the nul hypothesis that 57% of the houses take more than three months to sell against the hypothesis that more than 57% of the houses take more than three months to sell, they find a P value of 0.026 which conclusion is appropriate? Explain.

Choose the correct answer below. A. If 57% of the houses take more than three months to sell, there is a 2 6% chance that a random sample proportion would be as high as or higher than the one they obtained B. There is a 26% chance that 57% of the houses take more than 3 months to sell C. There is a 97 4% chance that 57% of the houses take more than 3 months to sell D. There is a 26% chance that the null hypothesis is correct

Answer 1

If 57% of the houses take more than three months to sell, there is a 2.6% chance that a random sample proportion would be as high as or higher than the one they obtained.

Step-by-step explanation:

The appropriate conclusion is that if 57% of the houses take more than three months to sell, there is a 2.6% chance that a random sample proportion would be as high as or higher than the one they obtained. This means that the result is statistically significant, indicating that the proportion of houses that take more than three months to sell is likely higher than 57%.

Answer 2

The correct option is: If 57% of the houses take more than three months to sell, there is a 2 6% chance that a random sample proportion would be as high as or higher than the one they obtained

Step-by-step explanation:

Consider the provided information.

The Null hypotheses is 57%,

`H_0: \mu=0.57\\H_a: \mu>0.57`

P-value is given as 0.026

Here P value represents the probability.

0.026 can be written as: 2.6%

Thus the conclusion is:

If 57% of the houses take more than three months to sell, there is a 2 6% chance that a random sample proportion would be as high as or higher than the one they obtained.

Hence, the correct option is: If 57% of the houses take more than three months to sell, there is a 2 6% chance that a random sample proportion would be as high as or higher than the one they obtained