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
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Question 19: give the p-value.
Give the p-value.
O 0.5
0.05
O 1.64
Transcribed Image Text:Give the p-value. O 0.5 0.05 O 1.64
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.
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