Question

Mickey and Minnie Home Sales, an Orange County real estate company, wants to know if there is a relationship between the price a home sells for and weeks the home was on the market prior to the sale. Mickey and Minnie conjecture that the higher the price of the home, the longer the house will be on the market. They select a simple random sample of 31 recently sold homes in Anaheim for analysis and they want to know if the number of weeks to sale influences asking price. You are asked to organize and analyze this data, and present your results to the company with an appropriate hypothesis test. Please present a report to the Mickey and Minnie executives that includes your data, results, and related evidence from national studies. Asking Price (thousands), X Weeks to Sale, Y 150 6 250 17 200 8 320 12 80 5 120 8 300 12 180 6 600 22 300 9 210 8 300 16 460 14 670 15 400 10 300 18 200 9 240 14 65 7 900 13 330 12 205 5 405 15 630 16 255 7 310 14 440 16 305 13 700 20 280 6 Click here to Downl

Answer 1

Hence, we reject the null hypothesis.