A real estate sales agency specializes in selling vacation property. Its records indicate that the mean selling
Question:
A real estate sales agency specializes in selling vacation property. Its records indicate that the mean selling time of vacation property is 85 days. However, it believes that because of the recent hurricanes, the mean selling time is now greater than 85 days. A survey of 100 properties sold recently revealed that the mean selling time was 89 days, with a standard deviation of 22 days.
At the 0.05 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 H0: μ ≤ 85 and accept H1: μ > 85 when the test statistic is (Click to select) greater than less than equal to .
b. What is the value of the test statistic? (Round the final answer to 2 decimal places.)
Value of the test statistic =
c. What is your decision regarding H0?
Elementary Statistics Picturing the World
ISBN: 978-0321911216
6th edition
Authors: Ron Larson, Betsy Farber