(Use Excel) the Following Are the Prices (In $1,000s) of 20

question 50

Essay

(Use Excel) The following are the prices (in $1,000s) of 20 houses sold recently in Vancouver, Washington. A real estate agent believes that the standard deviation of house prices is less than 70 units, where each unit equals $1,000. Assume house prices are normally distributed. a. State the null and the alternative hypotheses for the test.
B) Calculate the value of the test statistic.
C) Use Excel's function (either CHISQ.DIST.RT or CHISQ.DIST) to calculate the p-value.
D) At α = 0.10, what is the conclusion? Is the agent's claim supported by the data?

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Definitions:

Standards

Benchmarks or specifications for products, services, or processes, designed to ensure quality, safety, and efficiency.

Punctuation

A system of symbols used in written language to clarify meaning and indicate pauses, intonation, and the structure of sentences.

Business Writing

Professional writing aimed at communicating business information, including reports, emails, proposals, and memos.

Annual Board Meeting

A yearly gathering of an organization's board of directors to review the year's activities and decisions, and plan for the future.