Explore BrainMass

Explore BrainMass

    Hypothesis Testing of Selling Time of Farm Property

    Not what you're looking for? Search our solutions OR ask your own Custom question.

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    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?

    © BrainMass Inc. brainmass.com March 4, 2021, 7:37 pm ad1c9bdddf

    Solution Preview

    Please see attached file.

    Solution. We can set up the hypotheses.


    As the sample size ...

    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.