Question 405100: I am so lost on this problem so I need help. Can somebody check to see if I am correct.
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
I need to
a. State the hypotheses and identify the claim
b. Find the critical value(s)
c. Compute the test value
d. Make a decision
e. Summarize the results
My answer that I got was
H0: = 60,000
Ha: ≠60,000
=(82495-60000)/(76024/36) = -1.78
Answer: Reject the null hypothesis
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! 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
I need to
a. State the hypotheses and identify the claim
b. Find the critical value(s)
c. Compute the test value
d. Make a decision
e. Summarize the results
My answer that I got was
H0: = 60,000
Ha: ≠60,000
test statistic: t = (82495-60000)/[76024/sqrt(36)] = -1.78
Comment: I guess you are saying the sample mean was $82495.
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p-value is 2*P(t < -1.78 when df=35) = 2*0.4188 = 0.0838
Note: You doube the probability that t is less that -1.78
because your test is a two-tail test.
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Answer: Since the p-value is greater than 5%, fail to
Reject the null hypothesis.
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Cheers,
Stan H.
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