Purchase Solution

Statistics: Difference in mean selling price of homes

Not what you're looking for?

Ask Custom Question

A recent MBA graduate is trying to decide between two job offers, one in Omaha and one in Kansas City. One factor affecting his decision is the cost of a new home in each city. A recent study sampled 88 new home sales in the Omaha area and found that the mean selling price of a new home was $183,900 with a standard deviation of $35,800. A similar Kansas City study based on a sample of 65 new home sales found that the mean selling price was $178,500 with a standard deviation of $29,850.

Conduct a test at the .05 level of significance to determine if there is any difference in the mean selling price of new homes in Omaha versus Kansas City.

Purchase this Solution

Solution Summary

The difference in mean selling prices of homes are determined. A complete, neat and step-by-step solution is provided in the attached Excel file.

Purchase this Solution


Free BrainMass Quizzes
Terms and Definitions for Statistics

This quiz covers basic terms and definitions of statistics.

Measures of Central Tendency

Tests knowledge of the three main measures of central tendency, including some simple calculation questions.

Measures of Central Tendency

This quiz evaluates the students understanding of the measures of central tendency seen in statistics. This quiz is specifically designed to incorporate the measures of central tendency as they relate to psychological research.

Know Your Statistical Concepts

Each question is a choice-summary multiple choice question that presents you with a statistical concept and then 4 numbered statements. You must decide which (if any) of the numbered statements is/are true as they relate to the statistical concept.