Refer back to Exercise 2. The median home value in the state of Texas in August 2019
Question:
Refer back to Exercise 2. The median home value in the state of Texas in August 2019 was $197,000. Use the data in Exercise 2 to test the hypothesis that the true median home price in Houston exceeds this value, at the .05 significance level.
Data From Exercise 2
The following Houston, TX house prices($1000’s) were extracted from zillow.com in August 2019:
Treating these 25 houses as a random sample of all available homes in Houston, calculate a 90% upper confidence bound for the true median home price in that city.
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Step by Step Answer:
To test the hypothesis that the true median home price in Houston exceeds 197000 at the 005 significance level you can perform a onesample hypothesis test for the median using the Wilcoxon SignedRank ...View the full answer
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Related Book For 
Modern Mathematical Statistics With Applications
ISBN: 9783030551551
3rd Edition
Authors: Jay L. Devore, Kenneth N. Berk, Matthew A. Carlton
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