Question: 23. Hypothesis Test for Difference in Home Values Listed below are fair market values (in thousands of dollars) of randomly selected homes on Long Beach

23. Hypothesis Test for Difference in Home Values Listed below are fair market values

(in thousands of dollars) of randomly selected homes on Long Beach Island in New Jersey. Use a 0.05 significance level to test a realtor’s claim that oceanfront homes (directly on the beach) have greater value than oceanside homes, which are not directly on the beach. Given that there are only five values in each sample, can we really conclude that oceanfront homes have a greater mean value?

Oceanfront: 2199 3750 1725 2398 2799 Oceanside: 700 1355 795 1575 759

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