State the conclusion based on the results of the test.
According to the Federal Housing Finance Board, the mean price of a single-family home two years ago was $299,000. A real estate broker believes that because of the recent credit crunch, the mean price has increased since then. The null hypothesis is rejected.
Question content area bottom
Part 1
Choose the correct answer below.
A.
There is not sufficient evidence to conclude that the mean price of a single-family home has increased from its level two years ago of $299,000.
B.
There is not sufficient evidence to conclude that the mean price of a single-family home has decreased from its level two years ago of $299,000.
C.
There is sufficient evidence to conclude that the mean price of a single-family home has increased from its level two years ago of $299,000.
D.
There is sufficient evidence to conclude that the mean price of a single-family home has decreased from its level two years ago of $299,000.

Question

Mathematics

Answered

State the conclusion based on the results of the test.
According to the Federal Housing Finance Board, the mean price of a single-family home two years ago was $299,000. A real estate broker believes that because of the recent credit crunch, the mean price has increased since then. The null hypothesis is rejected.
Question content area bottom
Part 1
Choose the correct answer below.
A.
There is not sufficient evidence to conclude that the mean price of a single-family home has increased from its level two years ago of $299,000.
B.
There is not sufficient evidence to conclude that the mean price of a single-family home has decreased from its level two years ago of $299,000.
C.
There is sufficient evidence to conclude that the mean price of a single-family home has increased from its level two years ago of $299,000.
D.
There is sufficient evidence to conclude that the mean price of a single-family home has decreased from its level two years ago of $299,000.

Answer :

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JOAOBEZERRAGO JOAOBEZERRAGO · Answer 1

The correct option regarding the conclusion of the test hypothesis is given as follows:

C. There is sufficient evidence to conclude that the mean price of a single-family home has increased from its level two years ago of $299,000.

What are the hypothesis tested?

At the null hypothesis, it is tested if the mean price has not increased from $299,000, hence:

[tex]H_0: \mu \leq 299000[/tex]

At the alternative hypothesis, it is tested if it has increased, hence:

[tex]H_1: \mu > 299000[/tex]

The null hypotheses was rejected, which means that there is enough evidence to conclude that the mean price has increased, hence option C is correct.

More can be learned about an hypothesis test at https://brainly.com/question/26454209

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