The average price per square foot for a home in a large county in a certain state is $225. The council of a country town wonders if the mean price of the homes in their town is less than the mean price of the homes in the county. The town council selected a random sample of 9 homes that have recently sold in their town. They found the price per square foot and want to perform a hypothesis test at the α=0.01 significance level. The data is listed below. 221.4 213.1 219.1 229.6 220.7 224.4 221.6 217.8 223.9 1. Calculate the test statistic and the P-value. Include the sample Statistics. 2. What is the decision at the given significance level? 3. What do you conclude?
The average price per square foot for a home in a large county in a certain state is $225. The council of a country town wonders if the mean price of the homes in their town is less than the mean price of the homes in the county. The town council selected a random sample of 9 homes that have recently sold in their town. They found the price per square foot and want to perform a hypothesis test at the α=0.01 significance level. The data is listed below.
221.4 213.1 219.1 229.6 220.7 224.4 221.6 217.8 223.9
1. Calculate the test statistic and the P-value. Include the sample Statistics.
2. What is the decision at the given significance level?
3. What do you conclude?
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