Hypothesis Testing of Mean: Selling time of farm property
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A statewide real estate sales agency, Farm Associates, specializes in selling farm property
in the state of Nebraska. Their records indicate that the mean selling time of farm property
is 90 days. Because of recent drought conditions, they believe that the mean selling time is
now greater than 90 days. A statewide survey of 100 farms sold recently revealed that the
mean selling time was 94 days, with a standard deviation of 22 days.
Complete the following: (show your work to the right)
a At the .10 significance level, has there been an increase in selling time? (Explain)
Answer here.
Note, your response must be justified by showing the calculations used to reach your
decision.
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Solution Summary
The solution provides step by step method for the calculation of testing of hypothesis. Formula for the calculation and Interpretations of the results are also included. Interactive excel sheet is included. The user can edit the inputs and obtain the complete results for a new set of data.
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