Question: test statistic? pvalue? critical value? For questions 6 through 13, refer to the following problem; Closing costs for mortgages are an important concern for people
test statistic? pvalue? critical value?

For questions 6 through 13, refer to the following problem; Closing costs for mortgages are an important concern for people buying homes. A realtor read an article in an industry publication that stated the mean closing costs for single-family homes in Michigan were $1958. She suspected that closing costs in her county were lower than that. To test this, the realtor took a random sample of 50 single-family home sales in her county. In the sample, the mean closing cost was $1832 and the standard deviation was $514. Perform a hypothesis test to determine whether the population mean closing costs in the realtor's county are lower than the mean in Michigan as a whole. Use an a - 0.05 significance level
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
