Population standard deviation by level of significance

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Reference no: EM1319708

Q1) One of factors which a company will utilize in finding whether it will locate a new facility in a community is status of the real estate market. Managers think that important measure of real estate market is average length of time that homes stay on market before selling. They think that if mean time on market is less than 45 days, real estate market is favourable. To test this in particular area, a random sample of n = 100 homes that sold in past six months was selected. Mean for this sample was 40 days. It is believed that population standard deviation is 15 days. If test is conducted using 0.05 level of significance, what conclusion must be reached?

Reference no: EM1319708

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