Difference in mean selling price of homes

Assignment Help Basic Statistics

Reference no: EM13110290

A recent MBA graduate is trying to decide between two job offers, one in Omaha and one in Kansas City. One factor affecting his decision is the cost of a new home in each city. A recent study sampled 88 new home sales in the Omaha area and found that the mean selling price of a new home was $183,900 with a standard deviation of $35,800. A similar Kansas City study based on a sample of 65 new home sales found that the mean selling price was $178,500 with a standard deviation of $29,850.

Conduct a test at the .05 level of significance to determine if there is any difference in the mean selling price of new homes in Omaha versus Kansas City.

Reference no: EM13110290

Questions Cloud

What is the new equilibrium quantity and price : What is the new equilibrium price and what is the new equilibrium quantity, how many bags were oranges being overproduced before?

Evidence of difference in proportion of dvds purchased : At 0.05 level significance, is there evidence of the difference in proportion of dvds purchased on basis of the kind of media used (Mailing, E-Mail)?

Find the energy necessary to make this storage product : Glycogen is a polymer, so it has more energy than an equivalent number of glucose molecules. How does the cell find the energy necessary to make this storage product?

Explain logos, ethos and pathos : Explain what Logos, Ethos and Pathos are and their relevance to being understood. Also discuss their preferred order of use.

Difference in mean selling price of homes : Conduct a test at the .05 level of significance to determine if there is any difference in the mean selling price of new homes in Omaha versus Kansas City.

Compare the life cycles of rna and dna viruses : Describe the process of DNA replication and the importance of DNA complemetary base pairing to that process. Why is this process called "semi-conservative"?

Hypothesis testing-population proportion : A student wants their College to offer Kickboxing classes as a Physical Education class. To justify that the class is desired he surveys 200 students and finds that 56% would be interested in taking the class.

Question-interpretations of p value : A statistical study reported that a drug was effective with a p-value of .042. Explain in words what this tells you.

Define null and alternate hypotheses for statistical test : Define the null and alternate hypotheses for the statistical test to find out if there is evidence that average weight of Smoky Bear moving van is more than 12,000 lb.

User Account

All Pages