Question

Real estate professionals generally consider 30 days the mean amount of time in which a home sells. Recent economy changes, however, have prompted a particular home market analyst to claim that it now takes longer to sell a home, and conducts a survey to investigate the issue. Information gathered from nine randomly selected individuals who recently sold homes are presented below.

Home                          Days on Market

1                                  24

2                                  10

3                                  76

4                                  19

5                                  37

6                                  42

Find the critical statistic at α = .01, α = .05, and α = .10.

Is the null hypothesis rejected at α = .01? at α = .05? at α = .10?  Write a short summary of results for each of the significance values.

Answer 1