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T test: 1) If a real estate market is strong, there will be a close relationship between the asking price for homes and the selling price.
T test:
1) If a real estate market is strong, there will be a close relationship between the asking price for homes and the selling price. Suppose that one analyst believes that the mean difference between asking price and selling price for homes in a particular market area is less than $2000. To test this using an alpha level equal to .05, random sample of n=15 homes that have sold recently was selected. The difference between asking price and selling price data from the sample is in the following:
$2053 $1693 $1854 $1747 $869
$1396 $2473 $1931 $2303 $1502
$1038 $2755 $2084 $1664 $2104
What should we conclude about the analysts claim? Solve the test statistic approach. Use the following statistics to solve the problem.
n = 15 ___ X = $1831.067 S = $506.59
Read the applicable rule before solving any problem. Show the formula, and graph where applicable.
