Question: A random sample of 15 property values has been drawn and is the following: Sample-Size 15 375,000 327,000 669,000 379,500 420,000 550,500 240,000 370,500 1,077,000
A random sample of 15 property values has been drawn and is the following:
| Sample-Size 15 |
| 375,000 |
| 327,000 |
| 669,000 |
| 379,500 |
| 420,000 |
| 550,500 |
| 240,000 |
| 370,500 |
| 1,077,000 |
| 478,950 |
| 720,000 |
| 532,500 |
| 257,580 |
| 360,000 |
| 255,000 |
Question:
Use this sample to test whether the population mean is different from the value calculated in part a) above. Use the critical value and the p-value approach and a 5% level of significance. Assume that the population standard deviation is unknown, and the shape of the population property assessment values follows Normal distribution. Make sure to include all the steps of hypotheses (hypotheses, decision zone, critical value, p-value, conclusion with justification) and show your manual calculations.
part a) answers are:
Mean = = x / N =619537.65
Standard deviation = = ((x-)2 / N) =252317.1
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