Question: Suppose that in past years the average price per square
Suppose that in past years the average price per square foot for warehouses in the United States has been $32.28.A national real estate investor wants to determine whether that figure has changed now. The investor hires a researcher who randomly samples 49 warehouses that are for sale across the United States and finds that the mean price per square foot is $31.67,with a standard deviation of $1.29.Assume that prices of warehouse footage are normally distributed in population. If the researcher uses a 5% level of significance, what statistical conclusion can be reached? What are the hypotheses?
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