TABLE 10-3
a Real Estate Company Is Interested in Testing $\bar{X}$

question 91

Multiple Choice

TABLE 10-3
A real estate company is interested in testing whether the mean time that families in Gotham have been living in their current homes is less than families in Metropolis. 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.
Gotham: $\bar{X}$ 1 G = 35 months, SG² = 900 Metropolis: $\bar{X}$ M = 50 months, SM² = 1050
-Referring to Table 10-3, what is(are) the critical value(s) of the relevant hypothesis test if the level of significance is 0.01?

• A) t \(\cong\) Z = -1.96
• B) t \(\cong\) Z = ±1.96
• C) t \(\cong\) Z = -2.080
• D) t \(\cong\) Z = -2.33

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Definitions:

Market Monopoly

A market structure where a single seller controls the entire market for a product or service, with significant barriers to entry for any competitors.

Undergraduate Textbooks

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Full Information

A condition in which all parties in an economic transaction have access to all relevant information needed to make an informed decision.

Hawk-Dove Game

This is a model in game theory that examines strategies of conflict and cooperation among players, with the "hawks" representing aggressive strategies and the "doves" representing peaceful ones.