TABLE 10-4 a Real Estate Company Is Interested in Testing Whether, on Whether

question 117

Multiple Choice

TABLE 10-4
A real estate company is interested in testing whether, on average, families in Gotham have been living in their current homes for less time than families in Metropolis have. Assume that the two population variances are equal. A random sample of 100 families from Gotham and a random sample of 150 families in Metropolis yield the following data on length of residence in current homes.

-Referring to Table 10-4, suppose α = 0.10. Which of the following represents the correct conclusion?

• A) There is not enough evidence that the mean amount of time families in Gotham have been living in their current homes is less than families in Metropolis.
• B) There is enough evidence that the mean amount of time families in Gotham have been living in their current homes is less than families in Metropolis.
• C) There is not enough evidence that the mean amount of time families in Gotham have been living in their current homes is not less than families in Metropolis.
• D) There is enough evidence that the mean amount of time families in Gotham have been living in their current homes is not less than families in Metropolis.

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Definitions:

Specific Product

A particular good or service that is distinct because of its brand, model, or other identifying characteristic.

Lower Price

A decrease in the cost at which goods or services are sold, often resulting from factors like increased supply or decreased demand.

Budget Line

A visual chart representing all the various combinations of two goods purchasable with a determined budget, with the prices of those goods fixed.

Price Falls

A reduction in the cost of goods or services in an market, often influenced by supply and demand dynamics.