Question 4 • Probability and Statistics with Applications Honors Sem-2-FL-1210300 (2024-2025)
The mean price of houses in the US is $383,500. A real estate agent believes the mean price of houses in a local neighborhood is less than the national mean. The agent takes a random sample of 30 houses and finds the mean price to be $295,089 with a standard deviation of $156,321. Do the data provide convincing evidence at the level that the mean price of the houses in the area is less than $383,500?What are the test statistic and P-value for this significance test?Find the t-table here and the z-table here.