Question

A recent publication states that the average closing cost for
purchasing a new home is $8100. A real estate agent believes the
average closing cost is less than $8100. She selects 22 new home
purchases and finds that the average closing costs are $7739 with a
standard deviation of $412. Help her decide if she is correct by
testing her claim at αα=0.10.

The correct hypotheses would be:

- H0:μ≤$8100H0:μ≤$8100

HA:μ>$8100HA:μ>$8100 (claim) - H0:μ≥$8100H0:μ≥$8100

HA:μ<$8100HA:μ<$8100 (claim) - H0:μ=$8100H0:μ=$8100

HA:μ≠$8100HA:μ≠$8100 (claim)

Since the level of significance is 0.10 the critical value is
-1.323

The test statistic is: (round to 3 places)

The p-value is: (round to 3 places)

The decision can be made to:

- reject H0H0
- do not reject H0H0

The final conclusion is that:

- There is enough evidence to reject the claim that the average closing cost is less than $8100.
- There is not enough evidence to reject the claim that the average closing cost is less than $8100.
- There is enough evidence to support the claim that the average closing cost is less than $8100.
- There is not enough evidence to support the claim that the average closing cost is less than $8100.

Answer #1

A recent publication states that the average closing cost for
purchasing a new home is $8927. A real estate agent believes that
the average closing cost is more than $8927. She selects 40 new
home purchases and finds that the average closing costs are $8352.
The population standard deviation of $153. Help her decide if she
is correct by testing her claim at αα=0.10.
The correct hypotheses would be:
H0:μ≤$8927H0:μ≤$8927
HA:μ>$8927HA:μ>$8927 (claim)
H0:μ≥$8927H0:μ≥$8927
HA:μ<$8927HA:μ<$8927 (claim)
H0:μ=$8927H0:μ=$8927
HA:μ≠$8927HA:μ≠$8927 (claim)
Since the...

A recent publication states that the average closing cost for
purchasing a new home is $8304. A real estate agent believes the
average closing cost is more than $8304. She selects 10 new home
purchases and finds that the average closing costs are $7150 with a
standard deviation of $420. Help her decide if she is correct by
testing her claim at αα=0.10.
The correct hypotheses would be:
H0:μ≤$8304H0:μ≤$8304
HA:μ>$8304HA:μ>$8304 (claim)
H0:μ≥$8304H0:μ≥$8304
HA:μ<$8304HA:μ<$8304 (claim)
H0:μ=$8304H0:μ=$8304
HA:μ≠$8304HA:μ≠$8304 (claim)
Since the level...

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the average closing cost is more than $8500. She selects 31 new
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The population standard deviation of $361. Help her decide if she
is correct by testing her claim at αα=0.10.
The correct hypotheses would be:
H0:μ≤$8500H0:μ≤$8500
HA:μ>$8500HA:μ>$8500 (claim)
H0:μ≥$8500H0:μ≥$8500
HA:μ<$8500HA:μ<$8500 (claim)
H0:μ=$8500H0:μ=$8500
HA:μ≠$8500HA:μ≠$8500 (claim)
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