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Suppose that in past years the average price per square foot for warehouses in Canada has been $347.46. A national real estate investor wants to determine whether that figure has changed now. The investor hires a analyst who randomly samples 48 warehouses that are for sale across Canada and finds that the mean price per square foot is $341.86, with a standard deviation of $13.89. Assume that prices of warehouse area are normally distributed in population. If the analyst uses a 5% level of significance, what statistical conclusion can be reached? (Round your answer to 2 decimal places, e.g. 1.75.)

Suppose that in past years the average price per square foot for warehouses in Canada has been $347.46. A national real estate investor wants to determine whether that figure has changed now. The investor hires a analyst who randomly samples 48 warehouses that are for sale across Canada and finds that the mean price per square foot is $341.86, with a standard deviation of $13.89. Assume that prices of warehouse area are normally distributed in population. If the analyst uses a 5% level of significance, what statistical conclusion can be reached? (Round your answer to 2 decimal places, e.g. 1.75.)

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter10: Statistics
Section10.4: Distributions Of Data
Problem 19PFA
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Suppose that in past years the average price per square foot for warehouses in Canada has been $347.46. A national real estate investor wants to determine whether that figure has changed now. The investor hires a analyst who randomly samples 48 warehouses that are for sale across Canada and finds that the mean price per square foot is $341.86, with a standard deviation of $13.89. Assume that prices of warehouse area are normally distributed in population. If the analyst uses a 5% level of significance, what statistical conclusion can be reached? (Round your answer to 2 decimal places, e.g. 1.75.)
Transcribed Image Text:Suppose that in past years the average price per square foot for warehouses in Canada has been $347.46. A national real estate investor wants to determine whether that figure has changed now. The investor hires a analyst who randomly samples 48 warehouses that are for sale across Canada and finds that the mean price per square foot is $341.86, with a standard deviation of $13.89. Assume that prices of warehouse area are normally distributed in population. If the analyst uses a 5% level of significance, what statistical conclusion can be reached? (Round your answer to 2 decimal places, e.g. 1.75.)
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