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1) The data on housing prices was for the 99 houses in Levittown from our larger...

1) The data on housing prices was for the 99 houses in Levittown from our larger real estate data set. The mean appraised value was $172,300 with a standard deviation of $16,921. From this information can you conclude that the mean appraised value is significantly different from $175,000? Explain.

b)Construct a 99% confidence interval for the mean appraised value in Levittown and explain what it represents.

Math   Statistics-And-Probability   
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Answer #1

1) Here claim is that mean is different from 175000

So hypothesis is vs

Test statistics is

P value is

As P value is greater than alpha=0.05 we fail to reject the null hypothesis

Hence we do not have sufficient evidence to support the claim that mean is different from 175000

b. z value for 99% CI is 2.576

So Margin of Error is

Hence CI is

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