document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=405100>Question 405100</A>: <I><SPAN STYLE=\"word-break: break-all;\"> I am so lost on this problem so I need help. Can somebody check to see if I am correct.\r<BR>\n" );
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document.write( "A real estate agent claims that the average price of a home sold in Bevear County, Pennsylvania, is $60,000. A random sample of 36 homes sold in the county is selected. Is there enough evidence to reject the agent's claim at a=0.05? Assuming a=$76,025\r<BR>\n" );
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document.write( "I need to <BR>\n" );
document.write( "a. State the hypotheses and identify the claim<BR>\n" );
document.write( "b. Find the critical value(s)<BR>\n" );
document.write( "c. Compute the test value<BR>\n" );
document.write( "d. Make a decision<BR>\n" );
document.write( "e. Summarize the results\r<BR>\n" );
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document.write( "My answer that I got was \r<BR>\n" );
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document.write( "H0: = 60,000<BR>\n" );
document.write( "Ha: &#8800;60,000<BR>\n" );
document.write( "=(82495-60000)/(76024/&#61654;36) = -1.78\r<BR>\n" );
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document.write( "Answer: Reject the null hypothesis\r<BR>\n" );
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document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #286200 by </B><A HREF=/tutors/aboutme.mpl?userid=stanbon><B>stanbon(75887)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=stanbon><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/images/nopicture.jpg><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=286200\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> A real estate agent claims that the average price of a home sold in Bevear County, Pennsylvania, is $60,000. A random sample of 36 homes sold in the county is selected. Is there enough evidence to reject the agent's claim at a=0.05? Assuming std = $76,025 <BR>\n" );
document.write( "I need to <BR>\n" );
document.write( "a. State the hypotheses and identify the claim<BR>\n" );
document.write( "b. Find the critical value(s)<BR>\n" );
document.write( "c. Compute the test value<BR>\n" );
document.write( "d. Make a decision<BR>\n" );
document.write( "e. Summarize the results <BR>\n" );
document.write( "My answer that I got was <BR>\n" );
document.write( "H0: = 60,000<BR>\n" );
document.write( "Ha: &#8800;60,000<BR>\n" );
document.write( "test statistic: t = (82495-60000)/[76024/sqrt(36)] = -1.78<BR>\n" );
document.write( "Comment: I guess you are saying the sample mean was $82495.<BR>\n" );
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document.write( "p-value is 2*P(t < -1.78 when df=35) = 2*0.4188 = 0.0838<BR>\n" );
document.write( "Note: You doube the probability that t is less that -1.78<BR>\n" );
document.write( "because your test is a two-tail test.<BR>\n" );
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document.write( "Answer: Since the p-value is greater than 5%, fail to<BR>\n" );
document.write( "Reject the null hypothesis.<BR>\n" );
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document.write( "Cheers,<BR>\n" );
document.write( "Stan H. \r<BR>\n" );
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