A statewide real estate agency specializes in selling farm, Ask an Expert

Statistics

A statewide real estate agency specializes in selling farm property in the state of Nebraska. Their records indicate that the mean selling time if farm properties has been 90 days. Because of the drought conditions they now believe that the mean selling time is greater than 90 days. A statewide survey of 121 famrs recently sold revealed that the mean selling time was 93 days with a standard deviation of 12 days. The questions below relate to determining if this sample shows an increase in selling time at the .03 level of significance.

1. What is the null hypothesis?

2. What is the alternate hypothesis?

3. What is the critical value of z if the level of significance is .02?

4. What is the value of the test statistic?

5. What is the p-value of the test?

6. Can you reject the null hypothesis at the .02 level of significance? Explain.

7. If you reject the null hypothesis what is the probability that you will have made a mistake?

View complete question

Statistics and Probability, Statistics

Category:- Statistics and Probability
Reference No.:- M9996024

Have any Question?Write your Review or question?

Related Questions in Statistics and Probability

A company that supplies batteries for watches guarantees

A company that supplies batteries for watches guarantees that 95% of the batteries it ships will be free from defects. You test a sample of 50 batteries you received. You find that fewer than 10 have defects. Does this l ...

Is the following an example of a binomial experimentat a

Is the following an example of a binomial experiment? At a campus activities board event, an entertainer gives tickets with sequential numbers to every attendee (i.e. 1, 2, 3, 4, 5... n). Throughout the event, the entert ...

According to a field poll 258 out of 602 of california

According to a Field Poll, 258 out of 602 of California adults feel that "education and our schools" is one of the top issues facing California. We wish to construct a 90% confidence interval for the true proportion of C ...

The revenue function rx and the cost function c9x for a

The revenue function R(x) and the cost function C9X) for a particular product are given. These functions are valid for the specified range of values. Find the number of units that must be produced to break even. R(x) =20 ...

Suppose a soft drink company want to perform a taste test

Suppose a soft drink company want to perform a taste test on 5 brands of diet cola. How many permutations are there for presenting 5 diet colas to test subjects?

The sample distribution on individual iq scores raw scores

The sample distribution on individual IQ scores (raw scores) has a sample mean of 100 and a standard deviation of 16. What proportion of the sample mean will fall at or above a mean of 102.56? Round the answers to no mor ...

Given the following values 20 m 16 07 conduct a

Given the following values: = 20, M = 16, = 0.7, conduct a one-sample z test at a .05 level of significance. What is the decision for a two-tailed test? A) to reject the null hypothesis B) to retain the null hypothesis C ...

How do you calculate conditional probability for behaviors

How do you calculate conditional probability for behaviors in applied behavior analysis?

Seedlings come in packages of 10 and consist of the

Seedlings come in packages of 10 and consist of the following: 2 Douglas-fir, 3 spruce, and 5 pines. In any given package, how many ways can the 10 seedlings be arranged if seedlings that are the same species cannot be d ...

Suppose you believe that johnson companys stock price is

Suppose you believe that Johnson Company's stock price is going to increase from its current level of $22.50 sometime during the next 6 months. For $250.30 you can buy a 6-month call option giving you the right to buy 10 ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Statistics and Probability Expert