The changes in housing prices over short time periods are in part determined by supply and demand. A real estate company in Minnesota projected an increase in its average selling prices of homes in the first quarter of 2014 over the mean 2013 selling price of $201,800. The reason for the projection was an increase in demand due to business expansion and the subsequent increase in labor. To investigate the accuracy of the projection, a sample of homes in the first quarter of 2014 was selected and the following selling prices (in $) recorded:

235,000 271,900 183,300 203,000 182,900 225,500 189,000 214,200 237,900 233,500 217,000 230,400 202,950, 216,500 209,900, 245,500

Required:
a. At 5% level of significance, is there sufficient evidence to support the real estate company's projection?
b. Which statistical distribution should be applied in this situation and why? Explain carefully.
c. Discuss the consequences of Type I and Type II errors in terms of the problem.
d. Does the management at the real estate company want a small or large value of the significance level? Explain carefully.
e. Based on a 95% confidence level, estimate the actual average selling price homes in the first quarter of 2014.

Answers

Answer 1

Answer:

The data given is  

    235,000 271,900 183,300 203,000 182,900 225,500 189,000 214,200 237,900 233,500 217,000 230,400 202,950, 216,500 209,900, 245,500

  The sample size is  n =  16

   The population is  [tex]\mu  =  \$201,800[/tex]

  The sample mean is mathematically represented as

             [tex]\= x =\frac{\sum x_i}{n}[/tex]

=>  [tex]\= x  =\frac{235,000 + 271,900 + \cdots + 245,500 }{16}[/tex]

=>    [tex]\= x  = 218653.125[/tex]

Generally the sample standard deviation is mathematically represented as

     [tex]s =  \sqrt{\frac{\sum (x_i - \= x)^2}{n} }[/tex]

=>   [tex]s =  \sqrt{\frac{ (235,000 -  218653.125)^2+ (271,900 -  218653.125)^2 + \cdots +  (245,500 -  218653.125)^2}{16} }[/tex]

=>   [tex]s =  23946.896 [/tex]

The null hypothesis is  [tex]H_o : \mu =  \$201,800[/tex]

The alternatively hypothesis is  [tex]H_o : \mu >  \$201,800 [/tex]

Generally the test statistics is mathematically represented as

     [tex]t =  \frac{\= x  - \mu }{ \frac{s}{\sqrt{n} } }[/tex]

=>  [tex]t =  \frac{218653.125  - 201800 }{ \frac{23946.896 }{\sqrt{16} } }[/tex]

=>  [tex]t =  2.82[/tex]

Generally the degree of freedom is mathematically represented as

     [tex]df =  n - 1[/tex]

=>   [tex]df =  16 - 1[/tex]

=>   [tex]df =  15[/tex]

Generally the probability of  [tex]t =  2.82[/tex] at a degree of freedom of  [tex]df =  15[/tex] from the t - distribution table  is  

     [tex]p-value  = P( t >2.82 ) =0.00646356[/tex]

The

From the values obtained we see that [tex]p-value  < \alpha[/tex]

The decision rule is  

   Reject the null hypothesis

The conclusion is

 There is sufficient evidence to conclude that the real estate company's  projection is true

Given that the population variance is unknown then the best statistical distribution to be applied is the t -distribution

Type I  Error

 The type 1 error occur when the null hypothesis is wrongfully rejected

  The consequence in this case is the company will assume that the average selling price has increase and this will lead the company to start expanding the business while in the real sense the average selling price is still  $201,800

   Type II  Error

 The  type 11 error occur when the null hypothesis is wrongfully  accepted(i.e wrongfully failed to reject the null hypothesis)

    The consequence in this case is that the company will assume that the average selling price  is still $201,800 and will not make plans to increase the business while in the real sense the average selling price has increased

   Given that resource is scare the management of the company will want a  smaller  significance level in order not to commit type I error which will lead to wrongly expanding the business and wastes of resources

generally the critical value  of  [tex]\frac{\alpha }{2}[/tex] from the normal distribution table is    

     [tex]Z_{\frac{\alpha }{2} } = 1.96[/tex]

Generally the margin of error is mathematically represented as

   [tex]E  =Z_{\frac{\alpha }{2} } *  \frac{s}{\sqrt{n} }[/tex]

=>[tex]E  =1.96*  \frac{23946.896}{\sqrt{16} }[/tex]

=>[tex]E  = 11733.96[/tex]

Generally the 95% confidence interval is  mathematically represented as

     [tex]218653.125 - 11733.96  < \mu  <  218653.125 + 11733.96[/tex]

=>  [tex]206919.165  < \mu  <  230387.085[/tex]  

Generally there is 95% confidence that the actual average selling price is within this interval  

Step-by-step explanation:


Related Questions

PLEASE HELP WITH THIS WILL GET EXTRA POINTS

Answers

Answer:

1.2

2.4

3.6

4.8

5.9

6.4

7.3

8.6

Step-by-step explanation:

Set up a system of linear equations, and then solve for the indicated quantities.
Three times the smaller of two numbers plus three times the larger number is – 15.
Six times the smaller number minus three times the larger number is – 21.
Find the numbers.
Let x represent the smaller number. Let y represent the larger number.

Answers

9514 1404 393

Answer:

smaller: -4larger: -1

Step-by-step explanation:

Substituting the given variables into the word problem, we have two equations:

  3x +3y = -15

  6x -3y = -21

Adding these equations eliminates y:

  9x = -36

  x = -4 . . . . divide by 9

Using this in the first equation, we have ...

  3(-4) +3y = -15

  -4 +y = -5 . . . . . divide by 3

  y = -1 . . . . . . . . . add 4

The smaller number is -4; the larger is -1.

(4,-8)and(6,-9) written in point-slope form,slope-intercept form, and standard form

Answers

Answer:

Point slope-  y + 8 = − 1 2 ⋅ ( x − 4 )

Slope Intercept Form- y = − 1/ 2 x − 6

Slope- m=-1/2

Step-by-step explanation:

Point slope- y-y₁=m(x-x₁)

Slope Intercept form- y=mx+b\

Slope- rise/run= y2-y1/x2-x1

GET AN EASY BRAINLIEST FIRST RIGHT GETS BRAINLIEST

Answers

Answer:

5

Step-by-step explanation:

5-9=(-4)

hope this helps :3

Answer:

Can i get a brainliest please? :·3

Step-by-step explanation:

I wasn't here on time

PD: anyone play clash of clans?

PPD: join my clan if you do

PPPD: Link: https://link.clashofclans.com/en?action=OpenClanProfile&tag=2L9YRJYQC

PPPPD: We speak spanish and english

Question 1 Part A: How many beads did Jiao send out? *
Wooden Beads
Oak
4,525
Maple
6,950
Ash
3,720
Ebony
2,475
Bayong
1,250

Answers

Answer:

Jiao sent out 18,920 beads.

Step-by-step explanation:

All I did was add.

</3 hope this helps.

A sphere has a diameter of 8cm. Which statements about the sphere are true? Check all that apply.
• the sphere has a radius of 4cm.
• the sphere has a radius of 16 cm.
• The diameter’s length is twice the length of the radius.
• The radius’s length is twice the length of the diameter.
• The volume of the sphere 2048/3 pi. cm. cubed
• the volume of the sphere is 256/3 pi. cm. cubed

Answers

Answer:

The sphere has a radius of 4 cm.The diameter’s length is twice the length of the radius.The volume of the sphere is StartFraction 256 Over 3 EndFraction pi centimeters cubed.

Step-by-step explanation:

Answer:

1. The sphere has a radius of 4 cm.

3. The diameter length is twice the length of the radius.

6. The volume of the sphere is StartFraction 256 Over 3 EndFraction pi centimeters cubed.

Anyone good with matrixes and matrices? please help me i need help with 10 questions and I need to raise my grade ASAP please

Answers

Answer:

what questions need to be done? We need to know the problems before we answer them. :/

How many cubic yards of dirt will it take to fill a hole that is in the shape of a cube 3 yards on each side?

Answers

Answer:

27 yds^3

Step-by-step explanation:

Answer:

27 cubic yards

Step-by-step explanation:

3 x 3 x 3 = 27

which is expression is equivalent to 1/5÷1/2

Answers

Answer:

2.5

Step-by-step explanation:

2.5 because it expression on its equivalent

You have a coin with unknown probability p of coming up heads. You wish to generate a random variable which takes the values 0 and 1, each with probability 1/2. Assume 0 < p < 1. You adopt the following procedure. You start by flipping the coin twice. If both flips produce the same side of the coin, you start again. If the result of the first flip is different from the result of the second flip, you report the result of the first flip, and you are finished (this is a trick originally due to John von Neumann). (a) Show that, in this case, the probability of reporting heads is 1/2. (b) What is the expected number of flips you must make before you report a result?

Answers

Answer:

(a) Hence, the probability of reporting heads is 1/2.

(b) Therefore, the expected number of such trial is 1 / 2p (1 –p).

Step-by-step explanation:

Solution:

To generate a random variable takes value 0 and 1.

Let 0 < p <1,

A coin is flipped twice.

(a) Probability of reporting head is 1/2.

The result of two toss is either HT or TH.

In this case we used conditional property, Given that you got either HT or TH,

Probability of occurring head or tail:

P (1ST = H| HT or TH]

= P (H) / P (HT or TH)

= P (HT) / P (HT or TH)

= P (1-P) / P (1-P) + (1-P)P

= P (1-P) / 2P (1-P)

=1/2

Hence, the probability of reporting heads is 1/2.

(b) Expected number of flip before report a result.

The probability of reporting a result on each trial is:

P (HT or TH)

=P (HT) + P (TH)

=P (1-P) + (1 –P) P

= 2P (1 –P)

Since, E(X) = 1 / P

Therefore, the expected number of such trial is 1 / 2p (1 –p).

which is bigger, 3/5 or 0.625

Answers

0.625 is bigger
When you divide 3/5 the result is 0.6
So yeah hope this is helpful

Profit is the amount of money that remains after all expenses of a project have been paid. Acme Construction has just completed the construction of a​ building, and Fred​ Jones, the project​ manager, is doing the final accounting. Acme bid​ $232,500 for the project and was awarded a contract for that amount. The cost of​ construction, including​ labor, building​ materials, and other expenses such as equipment rental was​ $198,468. What was the profit on this​ project?The total amount of profit is ​$______.

Answers

Answer:

$34032

Step-by-step explanation:

Acme bid​ $232,500 for the project and was awarded a contract for that amount.

The cost of​ construction, including​ labor, building​ materials, and other expenses such as equipment rental was​ $198,468.

We know that,

Profit = The amount of money that remains after all expenses of a project have been paid

Profit = $232,500-$198,468

= $34032

Hence, the profit is $34032.


The points (-2,-10) and (-1, v) fall on a line with a slope of 8. What is the value of v?

Answers

Here’s the answer of your question

The required value of v is -2 for a given line with a slope of 8.

What is the slope of the line?

The slope of a line is defined as the angle of the line. It is denoted by m

Slope m = (y₂ - y₁)/(x₂ -x₁ )

Consider two points on a line—Point 1 and Point 2. Point 1 has coordinates (x₁,y₁) and Point 2 has coordinates (x₂, y₂)

Given data as :

The points given are (-2,-10) and (-1, v).

Since the line with a slope of 8.

So in this case, we have:

m = (v - (-10)) / (-1 - (-2))

Solving for v:

8 = (v + 10) / 1

8 = (v + 10)

v = -10 + 8

Apply the subtraction operation, and we get

v = -2

Thus, the required value of v is -2.

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please help me lol aaaaa

Answers

Answer:

−0.125 or - 1/8

Step-by-step explanation:

Rate of change is a ______ that describes how much one quantity ______ in respect to another

Answers

Answer:

A rate of change is a RATE that describes how one quantity CHANGES in relation to another quantity.

capital and underlined is your answer

15,614+?=68,025
What is the total

Answers

Answer:

52411 that's the answer

Which point lies on the line -x+4y=-3

Answers

Answer:

3x+4y

gyhhuhyyb buhhujnjjijnjijhu

Arachnophobia is the fear of spiders. People with arachnophobia suffer to different degrees, but they tend to react intensely to visible signs of the presence of spiders, such as webs. The director of a clinic decides to investigate different treatment types for arachnophobia. She gathers three groups of clients: One group receives in vivo flooding, which involves prolonged or repeated exposure to the actual anxiety-producing stimuli. The second group receives imaginal flooding, which involves the same techniques as in vivo flooding, except the exposure occurs in the client’s imagination. The third group receives no treatment. The results come in, and a statistician conducts an analysis of variance.


The ___________ is that there is no difference between the population means (in other words, there is no treatment effect).
The ___________is that at least one of the population means is different from another (in other words, there is an effect Of at least one Of the treatments).

Answers

Answer:

1. The null hypothesis is that there is no difference between the population means (in other words, there is no treatment effect).

2. The alternative hypothesis is that at least one of the population means is different from another (in other words, there is an effect Of at least one Of the treatments).

Step-by-step explanation:

In a statistical analysis, the statistician shares his participants into several groups and administers treatments to them. After administering the treatment, he might want to compare the values obtained to see if there is a difference. If he accepts the null hypothesis as true, that means that there was no difference between the population means. This can also be taken to mean that the result had no difference among the groups.

But if the alternative hypothesis was true, that means that the population means were not all equal and so, there was an effect from the treatment administered.  

Answer:

1. The null hypothesis is that there is no difference between the population means (in other words, there is no treatment effect).

2. The alternative hypothesis is that at least one of the population means is different from another (in other words, there is an effect Of at least one Of the treatments).

solve the equation
–12p = 24

Answers

Answer:

p = -2

Step-by-step explanation:

24 divided by -12

p= -2

Thanks ninofhghvhghvhv

Answers

Answer:

ok

Step-by-step explanation:

❤️

Answer:

okay jekwkwkwisjwjqkwkjskwwwkwkwkwk s wowowi

6 hours and 30 minutes after 11;00 is what time

Answers

Answer:

5:30

Step-by-step explanation:

you go ahead and add the 30 minutes so you then have 11:30 plus 6 hours is 5:30 because it only goes to 12:00 and repeats.

The ratio of Vicki's savings to Donna's savings is 4 : 7. Vicki saved $225 less than Donna. How much money did Vicki save?​

Answers

Answer:

300

Step-by-step explanation:

4:7

7-4=3

225/3=75

75x4=300

3х + 2y = 2
y = 4
Substitution

Answers

Answer:

x=-2

Step-by-step explanation:

hi! let's plug in 4 for y in the equation.

3x+2(4)=2

3x+8=2

3x=-6

x=-2

Answer:

x= -2

Step-by-step explanation:

you are going to substitute 4 in for y and then solve for x.

Consider the accompanying set of dependent and independent variables. The variable x3 is qualitative with H=​High, M=​Medium, and L=Low. Complete parts a and b below.

y 63 53 77 53 38 43 34 20 13
x1 45 42 40 37 27 24 20 14 12
x2 74 62 80 53 42 48 35 16 13
x3 H H L M H M L L M


Required:
a. Using​ technology, construct a regression model using all three independent variables.​
b. Complete the regression equation for the model​ below, where x3 represents the dummy variable Cond1​, and x4 represents the dummy variable Cond2.

y= ____ + (____)x2+ (____)x3 + (____)x4

Answers

Answer:

Y = 6.6406 + 0.2068x2 + 0.7995x3 - 3.607x4

Step-by-step explanation:

y 63 53 77 53 38 43 34 20 13

x1 45 42 40 37 27 24 20 14 12

x2 74 62 80 53 42 48 35 16 13

x3 H H L M H M L L M

For regression analysis : all variables must be quantitative ;

X3 variable may be represented as thus;

L = 1 ; M = 2 ; H = 3

Hence ;

X3 = 3 3 1 2 1 2 1 1 2

y= ____ + (____)x2+ (____)x3 + (____)x4

Using the online multiple regression calculator :

Y = 6.6406 + 0.2068x2 + 0.7995x3 - 3.607x4

From the general formular of a linear model:

y = w1x1 + w2x2 +... + wnxn + c = 0

Where c = intercept

w1,.. wn = weight of explanatory variable

Hence, the weights of x2 = 0.2068

Weight of x3 = 0.7995

Weight of x4 = - 3.607

Intercept = 6.6406

apple music sells music online. yesterday, its customers downloaded a total of 7,950 songs. today, they downloaded 5,883 songs. billy says that the percent of decrease in the two-day count of downloads is 35%. is billy correct or incorrect? explain your answer in a complete sentence.​

Answers

Answer:Billy is correct

Step-by-step explanation:

Typically, your car gets 32 mpg on the highway, how many gallons of gas did you use if you
traveled 1760 miles?

Answers

Answer:

13 gallons

Step-by-step explanation:

13 gallons that e answer

2. Which of the following is an irrational number?
A. 3
B. 3.5
C. 36
D. 15

Answers

3.5 because a decimal is irrational, a whole number is natural.

Answer:

C. 36

because can not be expressed as a ratio

Help. This is graded lol. Also due in 1 hour soooooo pls go quick. Also explain, since I actually wanna know how to do this.
40 POINTS ON THE LINE (idk if that's a lot)

Answers

answer:
1. 47
2. 119
3. 97
4. 62

explanation:

1. 180-133= 47
2. they’re vertical angles, so they’re equal
3. 180-83= 97
4. set the two expressions equal to each other and solve
8x-34 = 5x+2
x= 12
plug in 12 for x
5(12)+2
to get
62

Answer:

[tex]m\angle1 =47^o[/tex]

[tex]m\angle2 =119^o[/tex]

[tex]m\angle ABC =97^o[/tex]

[tex]m \angle FED = 62^o[/tex]

Step-by-step explanation:

angle 1 and the angle 133 degrees are supplementary angles, then added should give 180 degrees.

angle1 + 133 = 180   then angle1 = 180-133 = 47 degrees

[tex]m\angle1 = 180^o - 133^o=47^o[/tex]

Angle 2 is of the same measure as the angle marked as 119 degrees since they are what is called "corresponding angles between parallel lines."

Angle ABC plus angle that measures 83 degrees should add to 180 since their sum gives a straight line, then:

ABC + 83 = 180

ABC = 180 - 83 = 97 degrees

Last image:

The two angles with algebraic denomination should be equal because they are alternate internal angles, Then this equality can be written as:

8 x - 34 = 5 x + 2

solve for x by subtracting 5 x from both sides:

3 x - 34 = 2

add 34 to both sides:

3 x = 2 + 34

3 x = 36

x = 36/3

x = 12

and now knowing x we can find angle DEF

DEF = 5 x + 2 = 5 (12) + 2 = 60 + 2 = 62 degrees

Drag the operator to the correct location on the image. Which operation results in a trinomial?

Answers

Answer:

-

Step-by-step explanation:

I took the test

The correct operator that enters a circle is a subtraction sign.

Given the expressions

[tex](4x^5-8x) ()(3x^2-8x+9)[/tex]

We need to know which sign goes into the bracket that will give a trinomial when simplified.

A trinomial is a function containing 3-terms.

Using the subtraction sign.

[tex](4x^5-8x) - (3x^2-8x+9)[/tex]

Expand

[tex]= 4x^5-8x - 3x^2+8x-9\\= 4x^5-3x^2-8x+8x-9\\=4x^5-3x^2+0-9\\=4x^5-3x^2-9[/tex]

Since the resulting term is a trinomial (3 terms), hence the correct operator that enters a circle is a subtraction sign.

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For the function f(x)=ab^x, what are the possible values for b if the function is an exponential growth function? Please select two answers.
A) 1-0.00001
B) 0.9
C) square root of 2
D) 1/2
E) 1.1

Answers

Answer:

C and E

Step-by-step explanation:

the b value of an exponential function needs to be greater than one to be exponential growth

[tex] \sqrt{2} [/tex]

and 1.1 are the only 2 that are greater than one

The possible values for b are those that are greater than 1. The correct answers are square root of  and 1.1, the correct options are C and E.

What is exponential growth or decay function?

Consider the function:

[tex]y = a(1\pm r)^m[/tex]

where m is the number of times this growth/decay occurs, a = initial amount, and r = fraction by which this growth/decay occurs.

If there is plus sign, then there is exponential growth happening by r fraction or 100r %

If there is negative sign, then there is exponential decay happening by r fraction or 100r %

We are given that;

f(x)=ab^x

Now,

An exponential growth function is a function that increases as x increases. For the function f(x) = ab^x, this means that the base b must be greater than 1, so that the exponent x makes the function larger.

Therefore, by the exponential growth and decay the answer will be square root of 2 and 1.1

Learn more about exponential growth and decay here:

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