Refer to the CREA (Canadian Real Estate Association) Cities Only data online, which reports information on average house prices nationally and in a selection of cities across Canada.
a. Develop a 95% confidence interval for the mean list price for all cities for January 2014.
b. Is it possible that the population mean is $450 000? Test at the 0.02 significance level.
c. Is it possible that the population mean is $275 000? Use the results in part (a) to test at the 0.05 significance level.
d. What is the p-value for part (c)? Use the p-value to support your answer in part (c).