# According to an estimate, the average price of homes in Marthas Vine.pdf

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According to an estimate, the average price of homes in Martha's Vineyard, Massachusetts, was \$650,000 in 2011 (USA TODAY, August 11, 2011). A recent random sample of 70 homes from Martha's Vineyard showed that their average price is \$680,000 with a standard deviation of \$100,000. Using a 2% significance level, can you conclude that the current average price of homes in Martha's Vineyard is different from \$650,000 ? Use both the p-value and critical-value approaches. Use the p-value approach. Use the t distribution table to find a range for the p-value. Enter the exact values for the range..

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### According to an estimate, the average price of homes in Marthas Vine.pdf

• 1. According to an estimate, the average price of homes in Martha's Vineyard, Massachusetts, was \$650,000 in 2011 (USA TODAY, August 11, 2011). A recent random sample of 70 homes from Martha's Vineyard showed that their average price is \$680,000 with a standard deviation of \$100,000. Using a 2% significance level, can you conclude that the current average price of homes in Martha's Vineyard is different from \$650,000 ? Use both the p-value and critical-value approaches. Use the p-value approach. Use the t distribution table to find a range for the p-value. Enter the exact values for the range.
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