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    Remodeling Magazine: P-Value Population, Standard Deviation

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    SEE ATTACHED FILE - p-Value Population Standard Deviation


    According to Remodeling magazine, the average cost to convert an existing room into a home office with custom cabinery and rewiring for electronic equipment is $5976. Assuming a population standard deviation of $1000 and the sample of home office conversion prices charged for 40 recent jobs performed by builders in a region of the United States, examine whether the mean price for home office conversions for builders in this region might be different from the average for thenation as a whole. The underlying data are in file XR10033. Identify an interpret the p-value for the test. Using the 0.025 level of significance, what conclusion will be reached?

    NOTE: Please use an Excel spreadsheet for response. Please do not just
    provide the answers but show in complete detail how you arrived at the
    answers, step-by-step, from the beginning to the end of the solution.

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    Solution Summary

    This solution helps with problems about hypothesis testing.