Statistics Solutions

(All Steps) Data were collected from the sale of 25 properties by a local real estate agent. The following printout concentrated on the land value variable from

Question: Data were collected from the sale of 25 properties by a local real estate agent. The following printout concentrated on the land value variable from the sampled properties.

HYPOTHESIS: MEAN X = x

X = land_value

Sample Mean of X = 52,805

Sample Variance of X = 273,643,254

Sample Size of X = 25

x = 48,362

Mean X - x = 4443

t = 1.3429

D.F. = 24

P-Value = 0.1918585

P-Value/2 = 0.0959288

Stand. Dev. Error = 3308.43

Suppose we are interested in testing whether the mean land value from this neighborhood differs from 48,362. Which hypotheses would you test?

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Solution: The downloadable solution consists of 2 pages
Deliverable: Word Document


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