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THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION:
A local real estate broker has collected data on the sales of 128 homes.She is interested in looking at the selling price of the house as well as the length of time the house was for sale.She prepared the following two-way table.
-What proportion of all houses sold in either less than 90 days or sold for $150K or more?
Critical Value
A limit in hypothesis testing that sets the dividing line between the area where the null hypothesis is accepted and the area where it is rejected.
Hypotheses
Proposed explanations or predictions that are based on limited evidence as a starting point for further investigation.
Alpha
Typically refers to the level of significance in statistical hypothesis testing, representing the likelihood of rejecting a true null hypothesis.
T-statistic
A type of statistic used in hypothesis testing, calculated to determine the significance of certain variables or differences between means.
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