Home values tend to increase over time under normal conditions, but the recession of 2008 and 2009 has reportedly caused the sales price of existing homes to fall nationwide.+ You would like to see if the data support this conclusion. The file HomePrices contains data on 30 existing home sales in 2006 and 40 existing home sales in 2009. 2009 (5) 2006 (5) 213,100 226,200 239,100 155,400 189,800 200,800 280,400 214,300 161,700 181,200 213,200 228,600 222,100 228,900 181,100 117,400 130,000 170,000 149,600 146,200 54,400 235,800 219,400 238,800 301,800 264,200 320,200 213,800 186,000 182,100 180,000 95,300 239,500 315,000 118,900 172,400 137,500 212,800 175,400 311,400 296,900 292,500 287,700 246,500 195,600 155,300 152,400 211,200 215,700 164,200 207,200 188,200 169,400 185,600 177,000 178,000 161,200 249,200 146,400 99,800 246,700 173,500 138,100 112,200 137,500 147,900 179,000 116,200 197,500 164,200 (a) Provide a point estimate of the difference (in dollars) between the population mean prices for the two years. (Use year 2006-year 2009. Round your answer to the nearest dollar.) $54004 (b) Develop a 99% confidence interval estimate of the difference (in dollars) between the resale prices of houses in 2006 and 2009. (Use year 2006-year 2009. Round your answers to the nearest dollar.) 21972 to $871136 (c) Would you feel justified in concluding that resale prices of existing homes have declined from 2006 to 2009? Why or why not? To answer this question, we need to conduct a hypothesis test. State the null and alternative hypotheses. (Let μ-mean home price in 2006 and let μ₂-mean home price in 2009.) HHH2 0 Find the value of the test statistic. (Round your answer to three decimal places.) 2670 × Find the p-value. (Round your answer to four decimal places.) p-value -0.0038 State your conclusion. (Use a 0.01) Do not reject H. We can not conclude that existing home prices have declined between 2006 and 2009. Reject H. We can not conclude that existing home prices have declined between 2006 and 2009. Do not reject H. We can conclude that existing home prices have declined between 2006 and 2009. Reject H. We can conclude that existing home prices have declined between 2006 and 2009.

Home values tend to increase over time under normal conditions, but the recession of 2008 and 2009 has reportedly caused the sales price of existing homes to fall nationwide.+ You would like to see if the data support this conclusion. The file HomePrices contains data on 30 existing home sales in 2006 and 40 existing home sales in 2009. 2009 (5) 2006 (5) 213,100 226,200 239,100 155,400 189,800 200,800 280,400 214,300 161,700 181,200 213,200 228,600 222,100 228,900 181,100 117,400 130,000 170,000 149,600 146,200 54,400 235,800 219,400 238,800 301,800 264,200 320,200 213,800 186,000 182,100 180,000 95,300 239,500 315,000 118,900 172,400 137,500 212,800 175,400 311,400 296,900 292,500 287,700 246,500 195,600 155,300 152,400 211,200 215,700 164,200 207,200 188,200 169,400 185,600 177,000 178,000 161,200 249,200 146,400 99,800 246,700 173,500 138,100 112,200 137,500 147,900 179,000 116,200 197,500 164,200 (a) Provide a point estimate of the difference (in dollars) between the population mean prices for the two years. (Use year 2006-year 2009. Round your answer to the nearest dollar.) $54004 (b) Develop a 99% confidence interval estimate of the difference (in dollars) between the resale prices of houses in 2006 and 2009. (Use year 2006-year 2009. Round your answers to the nearest dollar.) 21972 to $871136 (c) Would you feel justified in concluding that resale prices of existing homes have declined from 2006 to 2009? Why or why not? To answer this question, we need to conduct a hypothesis test. State the null and alternative hypotheses. (Let μ-mean home price in 2006 and let μ₂-mean home price in 2009.) HHH2 0 Find the value of the test statistic. (Round your answer to three decimal places.) 2670 × Find the p-value. (Round your answer to four decimal places.) p-value -0.0038 State your conclusion. (Use a 0.01) Do not reject H. We can not conclude that existing home prices have declined between 2006 and 2009. Reject H. We can not conclude that existing home prices have declined between 2006 and 2009. Do not reject H. We can conclude that existing home prices have declined between 2006 and 2009. Reject H. We can conclude that existing home prices have declined between 2006 and 2009.

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018

18th Edition

ISBN:9780079039897

Author:Carter

Publisher:Carter

Chapter4: Equations Of Linear Functions

Section4.4: Scatter Plots And Line Of Fit

Problem 1GP

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