A Real Estate Broker Claims That the Median Days That

question 75

Essay

A real estate broker claims that the median days that one of his listings stays on the market is 45 or less days.To test this,he has collected the following random sample of properties sold showing the days they were on the market prior to selling:
Days
50
30
70
20
30
40
60
80
The broker is unwilling to assume that the population data are normally distributed.
a.What is the correct null and alternative hypothesis to be tested?
b.What statistical test would you recommend be used to test this hypothesis?
c.Conduct the test and indicate what conclusion should be reached if we test at an alpha = .05 level?

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Definitions:

Correlational Approach

A research method that examines the relationship between two or more variables to determine if they are associated, without inferring causality.

Physiological Recording

The measurement and recording of physical or biological responses, such as heart rate, muscle tension, brain activity, and other bodily functions.

Statistical Procedures

A set of methods used to collect, analyze, interpret, and present data in a meaningful way.

Research Methods

Systematic techniques used in scientific studies to collect, analyze, and interpret data.