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The Serious Delinquency Rate Measures the Proportion of Homes That

question 22

Essay

The serious delinquency rate measures the proportion of homes that are well behind on their mortgage payments. A real estate investor is trying to decide in which of two neighborhoods in Phoenix to buy an investment property. He is trying to decide if the serious delinquency rate differs between the two neighborhoods. He took a sample of 70 homes in neighborhood 1 and found 14 homes were seriously delinquent. He took a sample of 80 homes in neighborhood 2 and 10 homes were seriously delinquent.
A) Specify the competing hypotheses to determine if the delinquency rates in the two neighborhoods are equal.
B) Calculate the value of the test statistic and the p-value.
C) Make a conclusion at the 10% significance level. How should the delinquency rate influence the investor's decision?

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Definitions:

Crude Quantity Theory

A basic economic theory suggesting that the amount of money in supply directly affects the price level and inflation in an economy.

Sophisticated Quantity Theory

An advanced approach to Quantity Theory of Money, considering complex factors influencing money supply and demand.

Deflation

A decline in the price level for at least two years.

Keynesians

Economists and thinkers following the theories of John Maynard Keynes, who advocate for active government intervention in the economy to manage demand and avoid economic recessions.