Question

a real estate agency says that the mean home sales price in casper, wyoming is the same as in cheyenne, wyoming. the mean home sales price for 35 homes in casper, wyoming is $348,237. assume the population standard deviation is $152,867. the mean home sales price for 41 homes in cheyenne, wyoming is $435,244. assume the population standard deviation is $137,829. at α = 0.05, is there enough evidence to reject the agency’s claim? complete parts (a) through (e).

(c) find the standardized test statistic z.

z = -2.58 (round to two decimal places as needed.)

(d) decide whether to reject or fail to reject the null hypothesis.

the p - value is 0.010. (round to three decimal places as needed.)

reject h₀ because the p - value is less than or equal to α = 0.05.

(e) interpret the decision in the context of the original claim.

there is not enough evidence at the 5% level of significance to support the agency’s claim that the mean home sales price in casper, wyoming is the same as in cheyenne, wyoming.

Explanation:

Answer:

Reject \( H_0 \) because the \( P \)-value is less than or equal to \( \alpha = 0.05 \).
There is enough evidence at the \( 5\% \) level of significance to reject the agency’s claim that the mean home sales price in Casper, Wyoming is the same as in Cheyenne, Wyoming.