Suppose that the mean price of a home in Denver, Colorado in 2008 was 225.3 thou

Question

Suppose that the mean price of a home in Denver, Colorado in 2008 was 225.3 thousand dollars. A random sample of 49 homes sold in 2010 had a mean price of 201.3 thousand dollars. A real estate firm wants to test to see if the mean price in 2010 differs from the from mean price in 2008. Assume that the population standard deviation is 140. Perform the hypothesis test and compute the P-value. Recall the previous question where the real estate firm wants to see if the mean price of homes in 2010 have different from the mean price in 2008. Based on your P-value, what is the conclusion if we test at the 0.05 level of significance? There is no enough evidence to conclude that the mean price of homes in 2010 differ from the mean price in 2008. There is evidence to conclude that the mean price of homes in 2010 differ from the mean price in 2008. There is evidence to conclude that the mean price of homes in 2010 do not differ from the mean price in 2008. There is not enough evidence to conclude that the mean price of homes in 2010 differ from the mean price in 2008.

Explanation / Answer

One-Sample Z

Descriptive Statistics

: mean of Sample
Known standard deviation = 140

Test

p-value = 0.230

15)

since p-value > 0.05

we fail to reject the null and there is not enough evidence that mean differ

option D) is correct

N Mean SE Mean 95% CI for 49 201.3 20.0 (162.1, 240.5)

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