The dataset HomesFor- Sale has data on houses available for sale in three Mid-Atlantic states (NY, NJ,

Question:

The dataset HomesFor- Sale has data on houses available for sale in three Mid-Atlantic states (NY, NJ, and PA). Table 6.4 (also used in Exercise 6.100) shows the mean and standard deviation from the three Mid- Atlantic states, in thousands of dollars. Use this table, the knowledge that within the US the average house sells for about 265 thousand dollars, and a 5% significance level to answer the following questions.

Table 6.4

State Std. Dev. Mean New York 30 565.6 697.6 New Jersey 224.7 30 30 388.5 249.6 Pennsylvania 179.3

(a) Is the average cost of a house in New York significantly greater than the US average?
(b) Is the average cost of a house in New Jersey significantly greater than the US average?
(c) Is the average cost of a house in Pennsylvania significantly greater than the US average?
(d) Which state shows the most evidence that the state average is greater than the US average?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Statistics Unlocking The Power Of Data

ISBN: 9780470601877

1st Edition

Authors: Robin H. Lock, Patti Frazer Lock, Kari Lock Morgan, Eric F. Lock, Dennis F. Lock

Question Posted: