Hypothesis Testing of Variance & ANOVA Table for Selling Price of Homes
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1. A real estate agent in the coastal area of Georgia wants to compare the variation in the selling price of homes on the oceanfront with those one to three blocks from the ocean sample of 21 oceanfront homes sold within the last year revealed the standard deviation of the selling prices was $45,600. A sample of 18 homes, also sold within the last year, that were one to three blocks from the ocean revealed that the standard deviation was $21,330. At the .01 significance level, can we conclude that there is more variation in the selling prices of the oceanfront homes?
2.The following is a partial ANOVA table.
Source Sum of Squares df Mean Square F
Treatment 2
Error 20
Total 500 11
Complete the table and answer the following questions. Use the .05 significance level.
a. How many treatments are there?
b. What is the total sample size?
c. What is the critical value of F?
d. Write out the null and alternate hypotheses.
e. What is your conclusion regarding the null hypothesis?
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Solution Summary
The solution provides step by step method for the calculation of testing of hypothesis of variation in the selling prices of the oceanfront homes and completing an ANOVA table. Formula for the calculation and interpretations of the results are also included.
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