Hypothesis Testing of Variance: Oceanfront Homes
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23. A real estate agent in the coastal area of Georgia wants to compare the variation in the selling price of homes on the oceanfront with those one to three blocks from the ocean. A sample of 21 oceanfront homes sold within the last year revealed the standard deviation of the selling prices was $45,600. A sample of 18 homes, also sold within the last year, that were one to three blocks from the ocean revealed that the standard deviation was $21,330. At the .01 significance level, can we conclude that there is more variation in the selling prices of the oceanfront homes?
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Solution Summary
The solution provides step by step method for the calculation of testing of hypothesis of variation in the selling prices of the oceanfront homes. 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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