State the conclusion based on the results of the test. According to the Federal
ID: 3289357 • Letter: S
Question
State the conclusion based on the results of the test.
According to the Federal Housing Finance Board, the mean price of a single-family home two years ago was
$299 comma 800299,800.
A real estate broker believes that because of the recent credit crunch, the mean price has
increasedincreased
since then. The null hypothesis
isis
rejected.
Choose the correct answer below.
A.
There
isis
sufficient evidence to conclude that the mean price of a single-family home has
increasedincreased
from its level two years ago of
$299 comma 800299,800.
B.
There
is notis not
sufficient evidence to conclude that the mean price of a single-family home has
increasedincreased
from its level two years ago of
$299 comma 800299,800.
C.
There
isis
sufficient evidence to conclude that the mean price of a single-family home has
decreaseddecreased
from its level two years ago of
$299 comma 800299,800.
D.
There
is notis not
sufficient evidence to conclude that the mean price of a single-family home has
decreaseddecreased
from its level two years ago of
$299 comma 800299,800.
Explanation / Answer
Option A is Correct. since null hypothesis is rejected, so there is sufficient evidence that our claim that mean average price of single family home price is increased
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