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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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    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.