A statewide real estate sales agency, Farm Associates, specializes in selling farm property in the state of Nebraska. Its records indicate t

Question

A statewide real estate sales agency, Farm Associates, specializes in selling farm property in the state of Nebraska. Its records indicate that the mean selling time of farm property is 90 days. Because of recent drought conditions, the agency believes that the mean selling time is now greater than 90 days. A statewide survey of 100 farms sold recently revealed that the mean selling time was 94 days, with a standard deviation of 22 days.

Required:
At the 0.10 significance level, has there been an increase in selling time?

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Philomena 1 year 2021-08-15T03:16:10+00:00 1 Answers 83 views 0

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    2021-08-15T03:17:42+00:00

    Answer:

    The right answer is “1.818“.

    Step-by-step explanation:

    The given values are:

    a = 0.1

    [tex]\bar{x} = 94[/tex]

    [tex]\mu = 90[/tex]

    Now,

    The test statistic will be:

    ⇒  [tex]t=\frac{\bar{x}-\mu}{\frac{s}{vn} }[/tex]

    On substituting the given values, we get

    ⇒     [tex]=\frac{94-90}{\frac{22}{10} }[/tex]

    ⇒     [tex]=\frac{4}{2.2}[/tex]

    ⇒     [tex]=1.818[/tex]

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