A Real Estate Agency, Located in a Metropolitan Area in the Northeastern

question 57

Essay

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:
Type of Property Condos Townhouses Homes Commercial Land
Frequency 89 121 78 25 12
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 α = .05.

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Definitions:

Marginal Product

The additional output that results from using one more unit of a specific input, keeping other inputs constant.

Third Worker

In the context of labor and production, refers to the addition of a third employee in a process, which can affect productivity differently depending on the scenario.

Marginal Product

Additional output gained by employing one more unit of production.

Second Worker

The term "second worker" can refer to an additional employee hired to perform tasks, often implying the expansion of workforce due to increased workload.