1. The Eagle Ridge Contractors Association claims the average price of a home in their subdivision is $125,150 with a standard deviation of $7,350. A sample of 36 homes for sale in this subdivision had an average selling price of $123,550. The Eagle Ridge Home Owners Association is interested in knowing if the costs of homes for sale in this subdivision are actually lower than claimed?Compute the test value?
a. –1.31
b. 1.31
c. –1.52
d. 1.52
Exercise :
A researcher wishes to be 95% confident that her estimate of the true proportion of individuals who travel overseas is within 17/2 percentage of the true proportion. Find the sample necessary if in a prior study, a sample of 200 people showed that 40 travelled overseas last year.
