One of the Factors That a Company Will Use in Determining

question 137

Essay

One of the factors that a company will use in determining whether it will locate a new facility in a community is the status of the real estate market. The managers believe that an important measure of the real estate market is the average length of time that homes stay on the market before selling. They believe that if the mean time on the market is less than 45 days, the real estate market is favorable. To test this in a particular area, a random sample of n = 100 homes that sold during the past six months was selected. The mean for this sample was 40 days. It is believed that the population standard deviation is 15 days. If the test is conducted using a 0.05 level of significance, what conclusion should be reached?

---

Definitions:

Fringe Benefits

Additional benefits supplementing an employee's salary, such as health insurance, paid time off, and retirement plans, which can vary greatly between employers.

World War II

A global conflict that took place between 1939 and 1945, involving most of the world's nations.

Significant Addition

An impactful or major contribution that enhances or improves a project, process, or system.

Political Opinions

Individual beliefs or attitudes regarding political policies, parties, or issues, shaped by personal values, culture, and social influences.