MATLAB: An Introduction with Applications
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ISBN: 9781119256830
Author: Amos Gilat
Publisher: John Wiley & Sons Inc
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The average price of homes sold in the U.S. in the past year was $220,000. A random sample of 81 homes sold this year showed an average price of $210,000. It is known that the standard deviation of the population is $36,000. At a 5% level of significance, test to determine if there has been a significant decrease in the average price of homes.
1- State the null and alternative hypotheses to be tested
2- Which test do you need to use for this question?
3-Compute the test statistic. What is the value?
4-Determine the critical value for this test. What is the value?
5-Compute the p-value. What is the value?
6- What do you conclude?
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