A realtor in Mission Viejo, California, believes that the standard deviation of house prices is more than

Question:

A realtor in Mission Viejo, California, believes that the standard deviation of house prices is more than 100 units, where each unit equals $1,000. Assume house prices are normally distributed.

a. State the null and the alternative hypotheses for the test.

b. Calculate the value of the test statistic.

c. Use Excel's function (CHISQ.DIST.RT or CHISQ.DIST) to calculate the p-value.

d. At α = 0.05, what is the conclusion? Is the realtor's claim supported by the data?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For answer-question

Business Statistics Communicating With Numbers

ISBN: 9780078020551

2nd Edition

Authors: Sanjiv Jaggia, Alison Kelly

See More Books

Question Posted: Dec 20, 2016 09:16 AM

See More Questions

A Realtor in Mission Viejo, California, believes that the average price of a house is more than $500 thousand. a. State the null and the alternative hypotheses for the test. b. Open the MV_Houses...
A realtor in Mission Viejo, California, believes that the median price of a house is more than $500,000. a. Specify the competing hypotheses for the test. b. Using the MV_Houses data, calculate the...
A medical researcher proposes to estimate the mean serum cholesterol level of a certain population of middle-aged men, based on a random sample of the population. He asks a statistician for advice....
Tiffee Company identifies the following items for possible inclusion in the physical inventory. Indicate whether each item should be included or excluded from the inventory taking. (a) 900 units of...
Linda induced Sally to enter into a purchase of a home theater receiver by intentionally misrepresenting the power output to be seventy-five watts when in fact the unit delivered only forty watts....
The application of the lower of cost and net realizable value requirement to the translated financial statements requires different treatment with regard to the two classifications of foreign...
In the spring of 1999, Source Associates, Inc. (Source), and Conrad A. Mamajek, Inc. (CAM), entered into a joint venture to act as a middleman for the sale of polymers manufactured by Mitsui...
In the Illustrative Case in this chapter, payroll transactions for Brookins Company were analyzed, journalized, and posted for the third quarter of the fiscal year. In this problem, you are to record...
(a) 1. Assume a Heckscher-Ohlin world. The two countries are China and the U.S. The two goods are wheat and cloth and the two factors are labor and capital. Suppose each ton of wheat requires 4 units...
The average number of common stock shares outstanding during Year 3 was 850 shares. Net income for the year was $15,500. STUART COMPANY Balance sheet Assets $ 15,400 8,340 12,740 10,950 167,500...
Find the value x for which: a. P ( 220 x) = 0.005 b. P( 220 x) = 0.01 c. P( 220 < x) = 0.005 d. P( 220 < x) = 0.01
The data accompanying this exercise show miles per gallon (mpg) for 25 cars. a. State the null and the alternative hypotheses in order to test whether the variance differs from 62 mpg2. b. Assuming...
A vertical pole is to be supported by a wire that is 26 feet long and anchored 24 feet from the base of the pole. How far up the pole should the wire be attached?
Why is it so difficult to find an exceptionally profitable project?
Why do intrinsic and market values vary? At what circumstance they might be equal?
What features of preferred stock are different from bonds?
Nina is planning to pay $50,000 for her masters degree 4 years from today. She wants to accumulate these funds through semi-annual equal savings in a bank that offers 10 percent annual interest rate....
What are mutually exclusive projects? How might they complicate the capital-budgeting process?
List four methods for detecting the end point of an EDTA titration.
Aztec Furnishings makes hand-crafted furniture for sale in its retail stores. The furniture maker has recently installed a new assembly process, including a new sander and polisher. With this new...
A recent Health of Boston report suggests that 14% of female residents suffer from asthma as opposed to 6% of males (Boston Globe, August 16, 2010). Suppose 250 females and 200 males responded to the...
Depression engulfs millions of Americans every day. A new federal study reported that 10.9% of adults aged 1824 identified with some level of depression versus 6.8% of adults aged 65 or older (Boston...
Fresh numbers from the U.S. Department of Transportation suggest that fewer lights in the U.S. arrive on time than before. The explanations offered for the lackluster performance are understaffed...
Explore the intricate interplay between the host immune system and microbial pathogens, highlighting the strategies employed by pathogens to evade detection and mount successful infections.
1. Write SQL Statements to insert at least three rows of data into each of these above tables. Assume that any surrogate key value will be supplied by the DBMS as described above. 2. Write a SQL...
Use " Kickstarter.accdb " Access file to answer the questions. I want to confirm that I did this correctly. I need the following or steps to go about doing them correctly 1. the data type for...

A realtor in Mission Viejo, California, believes that the standard deviation of house prices is more than

Question:

Step by Step Answer:

a H 0 2 10000 thousands 2 H A 2 10000thousands 2 b Using Excel we find s 2 105279...View the full answer

Business Statistics Communicating With Numbers

Students also viewed these Statistics questions