Question

According to an estimate, the average price of homes in Martha’s Vineyard, Massachusetts, was $650,000 in 2011 (USA TODAY, August 11, 2011). A recent random sample of 70 homes from Martha’s Vineyard showed that their average price is $674,000 with a standard deviation of $94,500. Using a 2% significance level, can you conclude that the current average price of homes in Martha’s Vineyard is different from $650,000? Use both the p-value and critical-value approaches.


$1.99
Sales0
Views64
Comments0
  • CreatedAugust 25, 2015
  • Files Included
Post your question
5000