Question

Asked Mar 28, 2019

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Step 1

**Test hypothesis:**

Denote the population mean market value of houses in the neighborhood of Rebecca as μ*.*

The investigator is interested to test whether the population mean market value of houses in the neighborhood of Rebecca is greater than $250,000 or not.

*The hypotheses are given below:*

*Null hypothesis:*

*H*_{0} : μ = $250,000

That is, the population mean market value of houses in the neighborhood of Rebecca is equal to $250,000.

*Alternative hypothesis:*

*H*_{a} : μ > $250,000 (Right tail test).

That is, the population mean market value of houses in the neighborhood of Rebecca is greater than $250,000.

Step 2

**Given information.**

Here, the population standard deviation is not known.

Under null hypothesis the population mean market value of houses in the neighborhood of Rebecca is μ = $250,000.

The sample mean market value of houses in the neighborhood of Rebecca is *x*-bar = $259,860, the sample size is *n *= 35 and the sample standard deviation in the market value of houses in the neighborhood of Rebecca is *s *= $24,992.

The test statistic value is *t *= 2.34 and the *P–*value lies between 0.01 and 0.025 and the level of significance is α = 0.05.

Step 3

**Decision rule:**

*Decision rule based on P-value approach:*

If *P*-value ≤ α, then reject the null hypothesis* H*0.

If* P*-value >...

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