The changes in housing prices over short time periods are in part determined by supply and demand. A real estate company in Minnesota projected an increase in its average selling prices of homes in the first quarter of 2014 over the mean 2013 selling price of $201,800. The reason for the projection was an increase in demand due to business expansion and the subsequent increase in labor. To investigate the accuracy of the projection, a sample of homes in the first quarter of 2014 was selected and the following selling prices (in $) recorded:

235,000 271,900 183,300 203,000 182,900 225,500 189,000 214,200 237,900 233,500 217,000 230,400 202,950, 216,500 209,900, 245,500

Required:
a. At 5% level of significance, is there sufficient evidence to support the real estate company's projection?
b. Which statistical distribution should be applied in this situation and why? Explain carefully.
c. Discuss the consequences of Type I and Type II errors in terms of the problem.
d. Does the management at the real estate company want a small or large value of the significance level? Explain carefully.
e. Based on a 95% confidence level, estimate the actual average selling price homes in the first quarter of 2014.

Answers

Answer 1

Answer:

The data given is  

    235,000 271,900 183,300 203,000 182,900 225,500 189,000 214,200 237,900 233,500 217,000 230,400 202,950, 216,500 209,900, 245,500

  The sample size is  n =  16

   The population is  [tex]\mu  =  \$201,800[/tex]

  The sample mean is mathematically represented as

             [tex]\= x =\frac{\sum x_i}{n}[/tex]

=>  [tex]\= x  =\frac{235,000 + 271,900 + \cdots + 245,500 }{16}[/tex]

=>    [tex]\= x  = 218653.125[/tex]

Generally the sample standard deviation is mathematically represented as

     [tex]s =  \sqrt{\frac{\sum (x_i - \= x)^2}{n} }[/tex]

=>   [tex]s =  \sqrt{\frac{ (235,000 -  218653.125)^2+ (271,900 -  218653.125)^2 + \cdots +  (245,500 -  218653.125)^2}{16} }[/tex]

=>   [tex]s =  23946.896 [/tex]

The null hypothesis is  [tex]H_o : \mu =  \$201,800[/tex]

The alternatively hypothesis is  [tex]H_o : \mu >  \$201,800 [/tex]

Generally the test statistics is mathematically represented as

     [tex]t =  \frac{\= x  - \mu }{ \frac{s}{\sqrt{n} } }[/tex]

=>  [tex]t =  \frac{218653.125  - 201800 }{ \frac{23946.896 }{\sqrt{16} } }[/tex]

=>  [tex]t =  2.82[/tex]

Generally the degree of freedom is mathematically represented as

     [tex]df =  n - 1[/tex]

=>   [tex]df =  16 - 1[/tex]

=>   [tex]df =  15[/tex]

Generally the probability of  [tex]t =  2.82[/tex] at a degree of freedom of  [tex]df =  15[/tex] from the t - distribution table  is  

     [tex]p-value  = P( t >2.82 ) =0.00646356[/tex]

The

From the values obtained we see that [tex]p-value  < \alpha[/tex]

The decision rule is  

   Reject the null hypothesis

The conclusion is

 There is sufficient evidence to conclude that the real estate company's  projection is true

Given that the population variance is unknown then the best statistical distribution to be applied is the t -distribution

Type I  Error

 The type 1 error occur when the null hypothesis is wrongfully rejected

  The consequence in this case is the company will assume that the average selling price has increase and this will lead the company to start expanding the business while in the real sense the average selling price is still  $201,800

   Type II  Error

 The  type 11 error occur when the null hypothesis is wrongfully  accepted(i.e wrongfully failed to reject the null hypothesis)

    The consequence in this case is that the company will assume that the average selling price  is still $201,800 and will not make plans to increase the business while in the real sense the average selling price has increased

   Given that resource is scare the management of the company will want a  smaller  significance level in order not to commit type I error which will lead to wrongly expanding the business and wastes of resources

generally the critical value  of  [tex]\frac{\alpha }{2}[/tex] from the normal distribution table is    

     [tex]Z_{\frac{\alpha }{2} } = 1.96[/tex]

Generally the margin of error is mathematically represented as

   [tex]E  =Z_{\frac{\alpha }{2} } *  \frac{s}{\sqrt{n} }[/tex]

=>[tex]E  =1.96*  \frac{23946.896}{\sqrt{16} }[/tex]

=>[tex]E  = 11733.96[/tex]

Generally the 95% confidence interval is  mathematically represented as

     [tex]218653.125 - 11733.96  < \mu  <  218653.125 + 11733.96[/tex]

=>  [tex]206919.165  < \mu  <  230387.085[/tex]  

Generally there is 95% confidence that the actual average selling price is within this interval  

Step-by-step explanation:


Related Questions

What does the value of the LCM represent? How many packs of red sticks and blue sticks should Harold purchase?

Answers

Answer:

LCM mean least common multiple

Step-by-step explanation:

The red sticks in a pack of 8 so, to get 24 red sticks, Harold needs = 3 packs. The blue sticks come in a pack of 12 to get 24 blue sticks, Harold need = 2 pack

Answer:

the LCM represents the minimum number of sticks of each color that Harold would have to buy to have the same number of blue sticks and red sticks.

The red sticks come in packs of 8. So, to get 24 red sticks Harold need 3 packs.

The blue sticks come in packs of 12, so to get to 12 blue sticks Harold needs 2 packs.

in conclusion Harold should purchase 3 packs of red sticks and 2 packs of blue sticks.

hope this helped ^^

A florist sold 45 flowers in a day and 60 flowers on the next day. If p is the percent increase in the number of flowers sold, which proportion can be used to calculate p?

Answers

Answer:

c

Step-by-step explanation:

i took the test

Answer: C

Step-by-step explanation:

Only one that makes sense and I just took that test

2/15 = h/125 need a step by step please

Answers

Answer:  h = 50/3

====================================

Work Shown:

2/15 = h/125

2*125 = 15*h .... cross multiply

250 = 15h

15h = 250

h = 250/15

h = (5*50)/(5*3)

h = 50/3

-----------------

Extra info:

50/3 = (48+2)/3

50/3 = (48/3)+(2/3)

50/3 = 16 + (2/3)

50/3 = 16 & 2/3

The improper fraction 50/3 converts to the mixed number 16 & 2/3

Another way to see this is to use long division to get 50/3 = 16 remainder 2.

11. Factor for

12 – 8.1 + 16​

Answers

I’m going to go ahead and say the answer is 19.9... sorry if it’s wrong.

Answer:

2(6-4.05+8)

Step-by-step explanation:

2(6-48+43.05+8)

бx + 8 = 50
I need that answer

Answers

Answer:

=

7

Step-by-step explanation:

Show that each conjecture is false by finding a counterexample.


1.For any integer n, n3 > 0.


2. Each angle in a right triangle has a different measure.


3.For many years in the U.S, each bank printed its own currency. The variety of different bills led to widespread counterfeiting. By the time of the Civil War, a significant fraction of the currency in circulation was counterfeit. If one soldier had 48 bills, 16 of which were counterfeit, and another soldier had 39 bills, 13 of which were counterfeit, make a conjecture about what fraction of bills were counterfeit at the time of the Civil War.

Answers

Answer:

1.   [tex]n: n^3 > 0[/tex] is not true for negative integers

2.  [tex]45\ and\ 45[/tex] show that all angles do not have different measure

3.  [tex]Fraction = \frac{1}{3}[/tex]

Step-by-step explanation:

Solving (1):

[tex]n: n^3 > 0[/tex]

Take

[tex]n = -1[/tex]

[tex]-1^3 = -1[/tex]

[tex]n: n^3 > 0[/tex] is not true for negative integers

Solving (2):

The angles of a right angled triangle are:

[tex]45, 45\ and\ 90[/tex]

[tex]45\ and\ 45[/tex] show that all angles do not have different measure

Solving (3):

When

[tex]Bills = 48[/tex]

[tex]Counterfeit = 16[/tex]

The fraction is calculated as thus:

[tex]Fraction = \frac{Counterfeit}{Bills}[/tex]

[tex]Fraction = \frac{16}{48}[/tex]

[tex]Fraction = \frac{1}{3}[/tex]

Similarly, when

[tex]Bills = 39[/tex]

[tex]Counterfeit = 13[/tex]

[tex]Fraction = \frac{Counterfeit}{Bills}[/tex]

[tex]Fraction = \frac{13}{39}[/tex]

[tex]Fraction = \frac{1}{3}[/tex]

Which correctly solves the equation ab+c=d solve for b.

Answers

Answer:

b=(d-c)/a

Step-by-step explanation:

Just gotta switch them around a bit

Explain how to use the distributive property to find an expression that is equivalent to 20+16.​

Answers

Step-by-step explanation:

distributive property is a*(b+c) = a*b + a*c

20+16 = 4* (5+4)

Factorise fully
40-10g

Please do quick, will mark brainiest!!​

Answers

Answer:

10(4-g)

Step-by-step explanation:

[tex]40 - 10g[/tex]

Rewrite 40 as 4 × 10

[tex]4 \times 10 - 10g[/tex]

Factor out 10

[tex]10(4 - g)[/tex]

(-8) X 2/3 i NEED the answer help me

Answers

-5.33333333333

I used a calulator can I get brainliest please

You are playing a video game. For each diamond you collect, you earn 110 points. You also earn 80 bonus points by completing the level in less than 2 minutes. You need to earn more than 1620 points to continue on to the next level. Write and solve an inequality that represents the numbers d of diamonds you must collect in less than 2 minutes to advance to the next level.

Answers

Answer:

110d=1620

Step-by-step explanation:

110d=1620

divide by 110 on each side

d=14.2727272727

so about 14 more diamonds need to be collected to move onto the next level

A student takes a multiple-choice test that has 10 questions. Each question has four choices. The student guesses randomly at each answer. Let X be the number of questions the student gets correct. (a) Find P(X = 3). (b) Find P(X > 2). (c) To pass the test, the student must answer 7 or more questions correctly. Would it be unusual for the student to pass? Explain.

Answers

Answer:

1)0.2502

2)0.475

3)0.003505

Step-by-step explanation:

Total No. of question n= 10

There are four choices in each question

So, Probability of success [tex]p = \frac{1}{4}[/tex]

Probability of failure q  = [tex]1- \frac{1}{4}=\frac{3}{4}[/tex]

We will use binomial over here

[tex]P(X=x)=^nC_r p^r q^{n-r}[/tex]

1)

[tex]P(X = 3)=^{10}C_3 (\frac{1}{4})^3 (\frac{3}{4})^7\\P(X = 3)=\frac{10!}{3!7!} (\frac{1}{4})^3 (\frac{3}{4})^7\\P(X = 3)=0.2502[/tex]

2)  [tex]P(X > 2)=1-P(X\leq 2)[/tex]

P(X>2)=1-(P(X=0)+P(X=1)+P(X=2))

[tex]P(X>2)=1-(^{10}C_0 (\frac{1}{4})^0 (\frac{3}{4})^{10}+(^{10}C_1 (\frac{1}{4})^1 (\frac{3}{4})^9+^{10}C_2 (\frac{1}{4})^2 (\frac{3}{4})^8)[/tex]

[tex]P(X>2)=1-((\frac{1}{4})^0 (\frac{3}{4})^{10}+(\frac{10!}{1!9!} (\frac{1}{4})^1 (\frac{3}{4})^9+\frac{10!}{2!8!} (\frac{1}{4})^2 (\frac{3}{4})^8)[/tex]

P(X>2)=0.475

3)

[tex]P(X\geq 7)=P(X=7)+P(X=8)+P(X=9)+P(X=10)\\\\P(X\geq 7)=^{10}C_7 (\frac{1}{4})^7 (\frac{3}{4})^{3}+(^{10}C_8 (\frac{1}{4})^8 (\frac{3}{4})^2+^{10}C_9 (\frac{1}{4})^9 (\frac{3}{4})^1+^{10}C_{10} (\frac{1}{4})^{10} (\frac{3}{4})^0\\\\P(X\geq 7)=\frac{10!}{7!3!} (\frac{1}{4})^7 (\frac{3}{4})^{3}+\frac{10!}{8!2!} (\frac{1}{4})^8 (\frac{3}{4})^2+\frac{10!}{9!1!} (\frac{1}{4})^9 (\frac{3}{4})^1+\frac{10!}{10!0!}(\frac{1}{4})^{10} (\frac{3}{4})^0\\\\P(X\geq 7)=0.003505[/tex]

Look at this as a fraction and break it down.
Simplify as much as possible:
-70
-28

Answers

Answer:

espera y termino y te ayudo vale que me falta poco vale

The answers is 2 wholes and 1 half.

bob is on his way home in his car. he has driven 30 miles so far, which is three-fifths of the way home. what is the total length of his drive?​

Answers

The length of Bob's drive as a fraction = 5/5

Let the length of his total drive be = x

30 miles driven by Bob as a fraction =

= 3/5 of x = 30

= 3/5x = 30

= 5/x = 30 ÷ 3 ( transposing ×3 from LHS to RHS changes ×3 to ÷3 )

=5/x = 10

= x = 10 × 5 ( transposing ÷5 from LHS to RHS changes ÷5 to ×5 )

= x = 50

Now we have to see what is =

= 2/5 of 50

= 2/5 × 50

= 100/5

= 20 miles

So , total length of Bob's drive = 30 miles + 20 miles = 50 miles .

∴ The total length of Bob's drive is 50 miles .

|3d-3n|-4 if n=2 and d=3

Answers

Answer:

-1

Step-by-step explanation:

[tex]|3d-3n|-4[/tex]

Once we have an absolute value, we know that

[tex]|3d-3n| \geq 0[/tex]

[tex]\text{For }n=2 \text{ and } d=3[/tex]

[tex]|3(3)-3(2)|-4[/tex]

[tex]|9-6|-4[/tex]

[tex]|3|-4[/tex]

[tex]3-4[/tex]

[tex]-1[/tex]

Megan had $235.17 in her bank account. She withdrew $77.98 from the account to spend
on clothing. How much money does she have left in her bank account now?

Answers

Answer: 157.19

Step-by-step explanation:

157.19 that would be the answer

x+y=k
x-y=k
The solution of the system shown is
O (OK)
O (0,0)
O (k, O)

Answers

Answer:  (0,0)

Step-by-step explanation:

The only integer"s" that both add and subtract to the same value are 0 "and" 0.  Properly stated, the only integer that can be added to itself and subtracted from itself with the same outcome is 0.

Of course, k will also be 0

So this system of equation works out to be

0 + 0 = 0

0 - 0 = 0

Is 60N Cold or hot

Answers

Answer:

It is warm.

Step-by-step explanation:

What is the value of j

Answers

the value of j is 66 degrees

180- 82= 98
98 - 32 = 66

So it’s 66

Need help ASAP with my math

Answers

U need a calculator for that lol

Answer:  The answer is -2

Step-by-step explanation: I want points and trust me this answer is correct

Solve for X please :(( Will give brainliest.

Answers

5x+6+92 = 22x-4

5x+98 = 22x-4

add 5x to both sides

98 = 27x-4

add 4 to both sides

102 = 27x

divide both sides by 27

x = 3 and [tex]\frac{7}{9}[/tex]

please answer asap!!

Answers

Answer:

∠QPR = 40°

Step-by-step explanation:

According to the question the line PQ ⊥ PS which means that they both are perpendicular angles. Perpendicular angles are always 90°, so,

∠QPR + ∠RPS = 90°

=> 7x - 9° + 4x + 22° = 90°

=> (7x +  4x) +(22 - 9)° = 90°

=> 11x + 13° = 90°

=> 11x  = 90° - 13°

=> 11x = 77°

=> x = 77/11

=> x = 7

So, now that we have x, we can find ∠QPR,

7x - 9°

=> (7 * 7 - 9)°

=> (49 - 9)°

=> 40°

If my answer helped, kindly mark me as the brainliest!!

Thank You!!

Use a system of linear equations with two variables and two equations to solve.

175 students enrolled in a freshman-level chemistry class. By the end of the semester, 4 times the number of students passed as failed. Find the number of students who passed, and the number of students who failed.

Answers

Answer:

35 failed and 140 passed

Step-by-step explanation:

Let  p = number who passed

f = number who failed

p+f = 175

4 times the number of students passed as failed, so we need to balance this to set it equal

4f = p

Substitute this into the first equation

4r+f = 175

5f = 175

5f/5 =175/5

f = 35

Now find the number who passed

p = 4f

p = 4*35

p =140

What is the sign of the product (3)(−25)(7)(−24)?

A. Positive, because the products (3)(−25) and (7)(−24) are negative, and the product of two negative numbers is positive
B. Positive, because the products (3)(−25) and (7)(−24) are positive, and the product of two positive numbers is positive
C. Negative, because the products (3)(−25) and (7)(−24) are negative, and the product of two negative numbers is negative
D. Negative, because the products (3)(−25) and (7)(−24) are positive, and the product of two positive numbers is negative

Answers

I think it is B because I had that

The temperature at 4:00 p.m. was 2.5'F. It
dropped 0.75°F each hour for the next 4 hours.
What was the temperature at 8:00 p.m.?

Answers

Answer:-0.5; 0.75*4=3, 2-3=-0.5

Step-by-step explanation:

Answer:

-0.5...............

5. If three times a number is increased by 4, the result is -8.

Answers

False

I think that’s right because three times 5 is 15 increased by four is 19 not -8 so...

Step-by-step explanation:

Hey there!

Let the unknown number be x. Then;

According to the question;

3x+4= -8

3x = -12

x = -12/3

Therefore, x = -4

Check:

3*-4 +4 = -8

-12+4 = -8

-8= -8 (True).

Hope it helps...

Write the following equation in the general form Ax+ By+ C:
1/2y -1/3x -1 = 0
a.) -2x +3y -6 = 0
b.) 2x -3y -6 = 0
c.) 2x 3y +6 = 0


Answers

C the answer hehehehehehehwhw

-6(x - 6) = x(16 - 7)
Help please

Answers

Answer:

the answer would be x equal 2.4

Step-by-step explanation:

sorry for my bad handwriting

1) Suppose you buy a laptop costing $1850 at a store charging 12% add-on interest, and you make a $500 down payment.

Answers

Find the exact value using trigonometric identities.

1850 , 0.12 , − o n , 500 a

What is the answer of 10% of 6340

Answers

Answer:

604

Step-by-step explanation:

just simple division pls giv 5 out ogf 5 and thanks

Answer:

634

Step-by-step explanation:

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