4. Houses in the north-east of England tend to be cheaper than the national average. Suppose the national mean sales pri

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4. Houses in the north-east of England tend to be cheaper than the national average. Suppose the national mean sales pri

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4 Houses In The North East Of England Tend To Be Cheaper Than The National Average Suppose The National Mean Sales Pri 1
4 Houses In The North East Of England Tend To Be Cheaper Than The National Average Suppose The National Mean Sales Pri 1 (57.8 KiB) Viewed 25 times
4. Houses in the north-east of England tend to be cheaper than the national average. Suppose the national mean sales price for new two-bedroom houses is £181900. A sample of 40 new two-bedroom house sales in the north-east of England showed a sample mean of £166400. Consider the null hypothesis Ho: u = 181900 (implying H1: f1 # 181900), where u is the population mean sales price for new two-bedroom houses in the north-east. Assume a known population standard deviation of £33500. What is the value of the test statistic? At a confidence level of 99%, what is your conclusion? (za/2 = 20.005 = 2.575). (10)
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