Data from the National Association of Realtors indicate that the mean price of a home in Denver,
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Data from the National Association of Realtors indicate that the mean price of a home in Denver, Colorado, in December 2016 was 366.5 thousand dollars. A random sample of 50 homes sold in 2017 had a mean price of 396.3 thousand dollars.
a. Assume the population standard deviation is σ = 150.
Can you conclude that the mean price in 2017 differs from the mean price in December 2016? Use the α = 0.05 level of significance.
b. Following is a boxplot of the data. Explain why it is not reasonable to assume that the population is approximately normally distributed.
c. Explain why the assumptions for the hypothesis test are satisfied even though the population is not normal.
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