A real estate sales agency specializes in selling vacation property. Its records indicate that the mean...
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A real estate sales agency specializes in selling vacation property. Its records indicate that the mean selling time of vacation property is 75 days. However, it believes that because of the recent floodings, the mean selling time is now greater than 75 days. A survey of 100 properties sold recently revealed that the mean selling time was 79 days, with a standard deviation of 19 days. At the 0.10 significance level, has there been an increase in selling time? a. What is the decision rule? (Round the final answer to 3 decimal places.) Reject Ho:μ ≤ 75 and accept H₁: > 75 when the test statistic is [(Click to select) b. What is the value of the test statistic? (Round the final answer to 2 decimal places.) Value of the test statistic = e. What is your decision regarding Ho? (Click to select) Ho. A real estate sales agency specializes in selling vacation property. Its records indicate that the mean selling time of vacation property is 75 days. However, it believes that because of the recent floodings, the mean selling time is now greater than 75 days. A survey of 100 properties sold recently revealed that the mean selling time was 79 days, with a standard deviation of 19 days. At the 0.10 significance level, has there been an increase in selling time? a. What is the decision rule? (Round the final answer to 3 decimal places.) Reject Ho:μ ≤ 75 and accept H₁: > 75 when the test statistic is [(Click to select) b. What is the value of the test statistic? (Round the final answer to 2 decimal places.) Value of the test statistic = e. What is your decision regarding Ho? (Click to select) Ho.
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To determine whether there has been an increase in selling time at the 010 significance level we nee... View the full answer
Related Book For
Statistical Techniques in Business and Economics
ISBN: 978-0078020520
16th edition
Authors: Douglas Lind, William Marchal
Posted Date:
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