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THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION:
The mean selling price of new homes in a city over a year was $120,000.The population standard deviation was $28,000.A random sample of 100 new home sales from this city was taken.
-What is the probability that the sample mean selling price was between $118,000 and $122,000?
Confidence Interval
A spectrum of numbers, generated from analyzing sample data, expected to cover the value of a not yet identified population trait.
Hypothesis Test
A statistical method that uses sample data to evaluate a hypothesis about a population parameter, determining whether there is enough evidence to reject the null hypothesis.
Rejection Region
In hypothesis testing, the range of values for which the null hypothesis is considered unlikely and is therefore rejected.
Chi-Square Distribution
A statistical distribution that is used to determine the goodness of fit of an observed distribution to an expected one under the null hypothesis.
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