Determine the null and alternative hypothesis According to t

Determine the null and alternative hypothesis According to the National Association of home Builders, the mean price of an existing single-family home in 2009 was $218,600. A real estate broker Find the critical t-value that corresponds to 99% confidence and sample size n - 15.

Solution

Q4.

Set Up Hypothesis
Null,mean price remains same H0: U=218600
Alternate, mean price has decreased since then H1: U<218600

Q5.

Critical Value
The Value of |t | with n-1 = 15 d.f is 2.947