A Real Estate Broker Is Interested in Determining Whether There

question 119

Essay

A real estate broker is interested in determining whether there is a difference in the mean number of days a home stays on the market before selling based on which area of the city it is located in.However,she is also concerned that the price of the house may be an issue in determining how long it takes to sell a house,so she wants to control for this.To carry out the test,she plans to randomly select one house from each part of the city in each price range.The following data show the number of days for the sample of houses selected. Using a significance level equal to 0.05,determine whether the broker was justified in controlling for house prices.Be sure to indicate what type of statistical test should be used and why.

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Definitions:

Stream of Consciousness

A literary technique or narrative mode that attempts to capture the flow of thoughts and feelings running through the mind.

Perception

The process by which individuals select, organize, and interpret sensory information to form a meaningful picture of the world.

Stimuli

Environmental factors or inputs that provoke a response or reaction from an organism or system.

Intelligence

The ability to learn from experience, adapt to new situations, understand complex concepts, and use knowledge to manipulate one's environment.