Question

# Claim: Last quarter, the average home price in Washington state was \$409,228. Do you believe, since...

Claim: Last quarter, the average home price in Washington state was \$409,228.

Do you believe, since the COVID-19 pandemic started, that home prices have are different?

Test the claim, using a two-tail hypothesis test at the 5% significance level.

a) Gather the data.

Here is my data from Redfin:

 House Price 1 819500 2 499950 3 569000 4 220000 5 110000 6 499999 7 389900 8 399000 9 650000 10 459000 11 975000 12 749000 13 848000 14 529000 15 325000 16 895000 17 337250 18 489000 19 485000 20 369000 21 2100000 22 509000 23 469900 24 380000 25 260000 26 475000 27 765000 28 675000 29 649000 30 256500

(b) What is your sample average and sample standard deviation for home prices?

c) What are the hypotheses for your test? Explain.

(d) What is the test statistic? Is this a z- or a t-score? Why?

(e) What is the p-value? What is the meaning of the p-value when the null hypothesis is assumed to be true?

(f) Based on your answer in part (e), should you reject or fail to reject the null hypothesis? Explain. State the conclusion for the test in clear, simple language.

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