The chamber of commerce of a Florida Gulf Coast community advertises that area residential property is available at a mean cost of $125,000 or less per lot. Suppose a sample of 32 properties provided a sample mean of $130,000 per lot and a sample standard deviation of $12,500. Use a. 05 level of significance to test the validity of the advertising claim. Anderson, David R ... Essentials of Statistics for Business and Economics (p. 433). South-Western College Pub. Kindle Edition.
(a) Use a 0.05 level of significance to test the validity of the advertising claim.
(b) State the hypotheses.
(c) What is the p-value?
(d) What is your conclusion (use a level of significance of 0.05?
(e) What is the interpretation of your conclusion?
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