A Real Estate Investor Thinks the Real Estate Market Has

question 71

Essay

A real estate investor thinks the real estate market has bottomed out.One of the variables he examined to arrive at this conclusion was the proportion of houses sold at or above the asking price.In 2010,the proportion of houses sold at or above the asking price was 14%.The real estate investor takes a random sample of 40 recently sold houses and finds that 9 of them are selling at or above the asking price.
A)Specify the population parameter to be tested.
B)Specify the null and alternative hypotheses to determine whether the proportion of houses sold at or above the asking price has increased.
C)Calculate the value of the test statistic and the p-value.
D)At the 10% significance level,can you conclude that the proportion of houses sold at or above the asking price has increased?

• A)Specify the population parameter to be tested.
• B)Specify the null and alternative hypotheses to determine whether the proportion of houses sold at or above the asking price has increased.
• C)Calculate the value of the test statistic and the p-value.
• D)At the 10% significance level,can you conclude that the proportion of houses sold at or above the asking price has increased?

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Definitions:

Lateral Temporal Cortex

A region of the brain involved in processing sound and language, and in some aspects of memory and visual perception.

Semantic Knowledge Stores

The aspect of long-term memory that involves the storage of general knowledge about the world, concepts, facts, and the meanings of words and symbols.

Perspective Taking

The cognitive capacity to consider the world from another individual's viewpoint.

Social Comparison

The process by which individuals evaluate their own abilities, achievements, and qualities by comparing themselves to others.