Question: Bob and Deb no relation to your author would like

Bob and Deb (no relation to your author) would like to retire someday and are considering relocating to cities where universities are present. Housing prices are a key factor in the decision. Bob, who happens to know a few things about statistics, would like to determine if the median selling price of a home in Columbia, South ­Carolina, is less than $ 150,000. The selling price of a random sample of 40 homes in Columbia was collected and the data are as follows.
Selling Price Number of Homes
Below $ 150,000 ....... 23
Equal to $ 150,000 ....... 2
Above $ 150,000 ....... 15
Using α = 0.10, perform a hypothesis test to determine if the median selling price is less than $ 150,000 for homes in Columbia, South Carolina.

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  • CreatedJuly 29, 2015
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