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
Please see attached file.
Solution. We can set up the hypotheses.
As the sample size ...
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.