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    Hypothesis testing : Real estate data

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    Refer to the Real Estate data, which reports information on the homes sold in Denver, Colorado, last year.

    a. A recent article in the Denver Post indicated that the mean selling price of the homes in the area is more than $220,000. Can we conclude that the mean selling price in the Denver area is more than $220,000? Use the .01 significance level. What is the p-value?

    d. Determine the proportion of homes that have a pool. At the .05 significance level, can we conclude that less than 40 percent of the homes in the denver area had a pool? What is the p-value?

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    Solution Summary

    Step by step method for testing the hypothesis under 5 step approach is discussed here. Excel template for each problem is also included. This template can be used to obtain the answers of similar problems.