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I need this question answered within 2 hours, please provide as much detail as possible so i understand it: The average price of homes sold in the
I need this question answered within 2 hours, please provide as much detail as possible so i understand it:
The average price of homes sold in the medium size city in Canada in the past year was $220,000. A random sample of 81 homes sold this year showed an average price of $210,000 with a sample standard deviation of $36,000. Determine whether there has been a significant decrease in the average price of homes.
- State the null and alternative hypotheses to be tested.
- Compute the test statistic.
- Determine the critical value for this test at the 0.05 level of significance.
- What do you conclude?
- Construct a 95% confidence interval for the average price of homes sold this year.