SOLUTION: The problem did not come from a text book. Please help me. Real Estate. The question to the hypothesis is "Does the average selling price of a home with a pool differ fom the av

Question 229088: The problem did not come from a text book. Please help me. Real Estate. The question to the hypothesis is "Does the average selling price of a home with a pool differ fom the average selling price of a home without a pool? (a) Formulate both verbal and numerical and verbal statement. (b) Perform the five step hypothesis tes on data. (c) Describe the results and explain how you got the result. Home without pool has N = 67 x-bar = 231.49 and s = 50.57
Home with pool has N = 38 x-bar = 202.60 s = 33.71
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
"Does the average selling price of a home with a pool differ fom the average selling price of a home without a pool?
(a) Formulate both verbal and numerical and verbal statement.
(b) Perform the five step hypothesis test on data.
Ho: u(pool)-u(no pool) = 0
Ha: u(pool)-u(no pool) is not 0
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I ran a 2-Sample T-test on a TI calculator and got the following results:
test statistic: t = 3.502
p-value = 0.0006923...

(c) Describe the results and explain how you got the result.
Since the p-value is less than 1% reject Ho at the 1% significance
level. The selling price for the two classes of homes is different.
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Home without pool has N = 67 x-bar = 231.49 and s = 50.57
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Home with pool has N = 38 x-bar = 202.60 s = 33.71
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Cheers,
Stan H.

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