Interpret Confidence and Prediction Intervals A State Appropriate Hypotheses to Test Whether the Purchasing Agent

question 15

Essay

Interpret confidence and prediction intervals.
-A real estate agency, located in a metropolitan area in the northeastern U.S., kept data
on the various types of properties purchased in the area. Historically, 15% of purchases
were for condominiums, 30% were for townhouses, 40% for single family homes, 10%
for commercial properties and 5% for land. With changing demographics, the agency
wondered if the current distribution matches the historical distribution. Recent data
showed the following: $$\begin{array} { l | c | c | c | c | c } \text { Type of Property } & \text { Condos } & \text { Townhouses } & \text { Homes } & \text { Commercial } & \text { Land } \\\hline \text { Frequency } & 89 ( 48.75 ) & 121 ( 97.5 ) & 78 ( 130 ) & 25 ( 32.5 ) & 12 ( 16.25 )\end{array}$$
a. State appropriate hypotheses to test whether the purchasing agent is correct.
b. What is the value of the test statistic and its associated P-value?
c. State the conclusion at = .05.

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Definitions:

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