The national average price of homes sold in the U.S. in 2012 was $240,000. A sample of 144 homes sold in Chattanooga in

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The national average price of homes sold in the U.S. in 2012 was
$240,000. A sample of 144 homes sold in Chattanooga in 2012 showed
an average price of $246,000. It is known that the standard
deviation of the population is $36,000. We are interested in
determining whether or not the average price of homes sold in
Chattanooga is significantly more than the national average.
I. State the null and the alternative hypotheses: The
letter associated with the correct answer is
a. H0: μ ≥
240,000; Ha: μ <
240,000
b. H0: μ ≤
240,000; Ha: μ >
240,000
c. H0: μ =
240,000; Ha: μ ≠
240,000
d. H0: μ <
240,000; Ha: μ ≥
240,000
e. None of the above
II. The null hypotheses is to be tested at 95% confidence.
Determine the critical value(s) for this test. The letter
associated with the correct answer is
a. 2.33
b. -2.33
c. -1.645
d. 1.645
e. None of the above
III. Compute the estimated or statistical value. The letter
associated with the correct answer is
a. 2
b. -2
c. -1.645
d. 1.645
e. None of the above
IV. Based on the test, what do you conclude? The letter
associated with the correct answer is
a. Do not reject H0 and conclude
that the average price in Chattanooga is higher than the national
average
b. Do not reject H0 and conclude that
the average price in Chattanooga is not higher than the national
average
c. Reject H0 and conclude that the
average price in Chattanooga is higher than the national
average
d. Reject H0 and conclude that the
average price in Chattanooga is not higher than the national
average
e. None of the above