Lab7ans.pdf - Math 10 Lab 7 Hypothesis Testing Instructors...

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Chapter 4 / Exercise 18
Business Analytics: Data Analysis & Decision Making
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Math 10 - Lab 7 – Hypothesis Testing Instructor’s Answers 1. You want to conduct a hypothesis test about themeanhome prices in California using the housing data file: housing.mpj. At the 1% significance level, designthe test the hypothesis that the mean housing price is over $850,000. a. First create a dotplot for the price data and paste the results here. Does the value $850,000 seem to be at the center of the data, above the center of the data, or below the center of the data?
b. State the null and alternative hypotheses in words.
c. State the null and alternative hypotheses in population parameters.
d. What model are you choosing and what assumptions are needed? Do you think the skewness and high outlier are a problem in choosing this model?
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Business Analytics: Data Analysis & Decision Making
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Chapter 4 / Exercise 18
Business Analytics: Data Analysis & Decision Making
Albright/Winston
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