A survey of 40 home prices in a metropolitan area has the following results.PriceLess than $200,000Equal to $200,000More than $200,000Number of homes13127Test the hypothesis that the median price in the metropolitan is $200,000Test the hypothesis that the median price in the metropolitan is more than $200,000ɑ = 0.05 in both cases. Include hypothesis formulation, use the binomial approach, and explain your calculations in detail. Include p values in both cases.

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Description: A survey of 40 home prices in a metropolitan area has the following results.PriceLess than $200,000Equal to $200,000More than $200,000Number of homes13127Test the hypothesis that the median price in the metropolitan is $200,000Test the hypothesis tha

(a). Test the hypothesis that the median price in the metropolitan is $200,000: Given data…

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College Algebra

7th Edition

ISBN:9781305115545

Author:James Stewart, Lothar Redlin, Saleem Watson

Publisher:James Stewart, Lothar Redlin, Saleem Watson

Chapter9: Counting And Probability

Section9.3: Binomial Probability

Problem 2E: If a binomial experiment has probability p success, then the probability of failure is...

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A survey of 40 home prices in a metropolitan area has the following results.

Price	Less than $200,000	Equal to $200,000	More than $200,000
Number of homes	13	1	27

Test the hypothesis that the median price in the metropolitan is $200,000
Test the hypothesis that the median price in the metropolitan is more than $200,000

ɑ = 0.05 in both cases. Include hypothesis formulation, use the binomial approach, and explain your calculations in detail. Include p values in both cases.

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