It is believed that population standard deviation is 15, Ask an Expert

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Q1) One of the factors which company will use in finding whether it will locate new facility in a community is status of the real estate market. Managers believe that significant measure of real estate market is average length of time that homes stay on market before selling. They believe that if mean time on market is less than 45 days, real estate market is favourable. To test this in particular area, a random sample of n = 100 homes that sold in the past six months was selected. Mean for this sample was= 40 days. It is believed that population standard deviation is 15 days. If test is conducted using a 0.05 level of significance, what conclusion must be reached?

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