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You want to compare housing prices in your community (measured in thousands of dollars) to the...

You want to compare housing prices in your community (measured in thousands of dollars) to the national values of µ= 496, σ= 36.3. Recently, 4 houses on your street were sold for a mean price of 476. Report the standard error of the mean and Z in your answers to the following questions.

a. Can you conclude that the mean price of housing in your community is different from the national mean at a statistically significant level?

b. How would your conclusion from a. change if you had obtained a sample of n= 81 with a mean of 483?

c. How would your conclusion from b. change if you realized that actually σ= 96.3?


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