A recent article in a local magazine indicated that the meanselling price of homes in the area is less than $232,000. Can weconclude that the mean selling price in the area is less than$232,000? Use the 0.01 significance level. {Use 232.0 as the value,not 232,000.}
Assume the list is a sample.
| Price |
| 263.1 |
| 182.4 |
| 242.1 |
| 213.6 |
| 139.9 |
| 245.4 |
| 327.2 |
| 271.8 |
| 221.1 |
| 266.6 |
| 292.4 |
| 209 |
| 270.8 |
| 246.1 |
| 194.4 |
| 281.3 |
| 172.7 |
| 207.5 |
| 198.9 |
| 209.3 |
| 252.3 |
| 192.9 |
| 209.3 |
| 345.3 |
| 326.3 |
| 173.1 |
| 187 |
| 257.2 |
| 233 |
| 180.4 |
| 234 |
| 207.1 |
| 247.7 |
| 166.2 |
| 177.1 |
| 182.7 |
| 216 |
| 312.1 |
| 199.8 |
| 273.2 |
| 206 |
| 232.2 |
| 198.3 |
| 205.1 |
| 175.6 |
| 307.8 |
| 269.2 |
| 224.8 |
| 171.6 |
| 216.8 |
| 192.6 |
| 236.4 |
| 172.4 |
| 251.4 |
| 246 |
| 147.4 |
| 176 |
| 228.4 |
| 166.5 |
| 189.4 |
| 312.1 |
| 289.8 |
| 269.9 |
| 154.3 |
| 222.1 |
| 209.7 |
| 190.9 |
| 254.3 |
| 207.5 |
| 209.7 |
| 294 |
| 176.3 |
| 294.3 |
| 224 |
| 125 |
| 236.8 |
| 164.1 |
| 217.8 |
| 192.2 |
| 125.9 |
| 220.9 |
| 294.5 |
| 244.6 |
| 199 |
| 240 |
| 263.2 |
| 188.1 |
| 243.7 |
| 221.5 |
| 175 |
| 253.2 |
| 155.4 |
| 186.7 |
| 179 |
| 188.3 |
| 227.1 |
| 173.6 |
| 188.3 |
| 310.8 |
| 293.7 |
| 179 |
| 188.3 |
| 227.1 |
| 173.6 |
| 188.3 |
Requirement following the hypotheses testing6-step process:
- State Null and Alternative Hypotheses,
- State the significance level.
- State which distribution is used.
- State the decision rule including graph.
- State the test statistic and the p-value.
- State the conclusion.
Notes:
- Use 232.0 instead of 232,000.
- State z-values to 2 decimal places unless 3 decimal places areneeded; State t-values to 3 decimal places; State p-values to 4decimal places.
