Single-Family Home Appraisals In Two Communities
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A real estate agency wants to estimate the difference in the appraised values of single-family homes in two communities. A sample of 60 listings in Strongsville and 99 listings in Brunswick yields the following results (in thousands of dollars).
Strongsville, Ohio: sample mean (1)= 191.33
Brunswick, Ohio: sample mean (2)= 172.34
Based on historical data from the northeastern Ohio area, the population variances are known to be 32.60 for Strongsville and 16.92 for Brunswick.
Estimate the difference in the mean appraised values of single-family homes in the two communities, with 95% confidence.
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Detailed hypothesis testing, complete with equations and explanations.
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A real estate agency wants to estimate the difference in the appraised values of single-family homes in two communities. A sample of 60 listings in Strongsville and 99 listings in Brunswick yields the following results (in thousands of dollars).
Strongsville, Ohio: sample mean (1)= 191.33
Brunswick, Ohio: sample mean (2)= 172.34
Based on historical data from the northeastern Ohio area, the population ...
Purchase this Solution
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