Solution Found!
Find the P-value for the z test in Exercise 16.REFERENCE
Chapter 8, Problem 28CQ(choose chapter or problem)
Problem 28CQ
Find the P-value for the z test in Exercise 16.
REFERENCE EXERCISE
For the following exercises where applicable:
a. State the hypotheses and identity the claim.
b. Find the critical value(s).
c. Compute the test value.
d. Make the decision.
e. Summarize the results.
Use the traditional method of hypothesis testing unless otherwise specified. Assume all variables are normally distributed.
Home Closing Cost a real estate agent believes that the average closing cost of purchasing a new home is $6500 over the purchase price. She selects 40 new home sales at random and finds that the average closing costs are $6600. The standard deviation of the population is $120. Test her belief at .
Questions & Answers
QUESTION:
Problem 28CQ
Find the P-value for the z test in Exercise 16.
REFERENCE EXERCISE
For the following exercises where applicable:
a. State the hypotheses and identity the claim.
b. Find the critical value(s).
c. Compute the test value.
d. Make the decision.
e. Summarize the results.
Use the traditional method of hypothesis testing unless otherwise specified. Assume all variables are normally distributed.
Home Closing Cost a real estate agent believes that the average closing cost of purchasing a new home is $6500 over the purchase price. She selects 40 new home sales at random and finds that the average closing costs are $6600. The standard deviation of the population is $120. Test her belief at .
ANSWER:
Solution :
Step 1 of 2:
We need to state the hypotheses.
Null hypothesis :
The hypothesis that sample observations result purely from chance.
We denoted denoted by .
Alternative hypothesis :
The alternative hypothesis we denoted by , is the hypothesis that sample observations are influenced by some non-random cause.