Comparing Standard Deviations At the .01 Significance Level for Real Estate
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A real estate agent wants to compare the variation in the selling price of homes on the oceanfront with those 3 blocks away A 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?
For the first sample: n1 = 21 (degrees of freedom = 21 - 1 = 20) and s1 = 45,600.
For the second ...
This solution compares the variation in selling prices of homes on the oceanfront versus those a few blocks away in a few lines of simple calculations.
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