A Real Estate Agent Wants to Know How the Home

question 81

Essay

A real estate agent wants to know how the home size (in square feet) of parents compares to the home size of their children. For a sample of seven parents and their children, the value of the test statistic for the Wilcoxon signed-rank test for a matched pairs sample is T = T⁺ = 27. The differences are calculated as the parent's home size subtracted by the child's home size.
A) Specify the competing hypothesis to determine if the median difference in home size between parents and children is greater than zero.
B) At the 5% significance level, what is the critical value?
C) At the 5% significance level, what is the decision and conclusion?

• A) Specify the competing hypothesis to determine if the median difference in home size between parents and children is greater than zero.
• B) At the 5% significance level, what is the critical value?
• C) At the 5% significance level, what is the decision and conclusion?

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Definitions:

Emotional Self-awareness

The capability of recognizing and understanding one's own emotions, which is a key component of emotional intelligence.

Reality Testing

A psychological process through which an individual distinguishes between what is externally present and what is internally generated by the mind.

Empathy

The capacity to grasp and empathize with someone else's emotions by viewing things from their point of view.

Stress Tolerance

The ability of an individual to endure and manage high levels of stress effectively.