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Hypothesis Testing of Selling Time of Farm Property

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Records indicate that the mean selling time of farm property is 90 days. Because of drought conditions they believe the mean is now greater. A survey of 100 farms sold recently revealed the mean selling was 94 days with a standard deviation of 22 days. At the .10 significance level, has there been an increase in selling time?

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Solution Summary

This solution conducts a statistical analysis where a null and alternative hypothesis is provided and the z-test is conducted to determine the test statistic, which is compared to the critical value. With the analysis, a decision is made to either accept or reject the null hypothesis.

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Please see attached file.

Solution. We can set up the hypotheses.

H0:
H1:

As the sample size ...

Solution provided by:
Changping Wang, MA
Education
  • BSc , Wuhan Univ. China
  • MA, Shandong Univ.
Recent Feedback
  • "Your solution, looks excellent. I recognize things from previous chapters. I have seen the standard deviation formula you used to get 5.154. I do understand the Central Limit Theorem needs the sample size (n) to be greater than 30, we have 100. I do understand the sample mean(s) of the population will follow a normal distribution, and that CLT states the sample mean of population is the population (mean), we have 143.74. But when and WHY do we use the standard deviation formula where you got 5.154. WHEN & Why use standard deviation of the sample mean. I don't understand, why don't we simply use the "100" I understand that standard deviation is the square root of variance. I do understand that the variance is the square of the differences of each sample data value minus the mean. But somehow, why not use 100, why use standard deviation of sample mean? Please help explain."
  • "excellent work"
  • "Thank you so much for all of your help!!! I will be posting another assignment. Please let me know (once posted), if the credits I'm offering is enough or you ! Thanks again!"
  • "Thank you"
  • "Thank you very much for your valuable time and assistance!"
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