Identify and interpret the p-value for the test

Assignment Help Basic Statistics

Reference no: EM13118748

ccording to Remodeling magazine, the average cost to convert an existing room into a home office with custom cabinetry and rewiring for electronic equipment is $5976. Assuming a population standard deviation of $1000 and the sample of home office conversion prices charged for 40 recent jobs performed by builders in a region of the United States, examine whether the mean price for home office conversions for builders in this region might be different from the average for the nation as a whole. The underlying data are in file XR10033. Identify and interpret the p-value for the test. Using the 0.025 level of significance, what conclusion will be reached?

Reference no: EM13118748

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