The national mean sales price for a new one-family home is $181,900. A sample of 40 one-family homes in the south showed a sample mean of $166,400 and a sample standard deviation of $ 33,500. Required:
a. Formulate the null and alternative hypothesis for this problem so the sample data support the conclusion that the population mean sales prices for new one-family homes in the South is less expensive than the national mean of $181,900.
b. What is the value of the test statistic?
c. What is the p-value?
d. At α = 0,01 what is your conclusion?

a

The  null hypothesis is  

The alternative hypothesis is  

b

c

d

There no sufficient evidence to support the conclusion that the population mean sales prices for new one-family homes in the South is less expensive than the national mean of $181,900

Step-by-step explanation:

From the question we are told that

   The  population mean is  

    The  sample size is  

    The  sample  mean is  

      The  sample  standard deviation is

The  null hypothesis is  

The alternative hypothesis is  

Generally the test statistics is mathematically represented as

=>    

=>    

Generally the p-value is obtain from the z-table  the value is  

=>    

From the calculation we see that  

       hence we fail to reject the null hypothesis

Thus there no sufficient evidence to support the conclusion that the population mean sales prices for new one-family homes in the South is less expensive than the national mean of $181,900

i will take them

step-by-step explanation:

10% of increase is the final answer! : )