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

question 94

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:

Absolute Poverty

A condition characterized by the severe deprivation of basic human needs, including food, safe drinking water, sanitation facilities, health, shelter, education, and information.

Nonstandard Work Hours

Working hours that fall outside the traditional 9-to-5, Monday-to-Friday schedule, often including evenings, nights, or weekends.

Manufacturing Industry

An economic sector concerned with the production of goods using labor, machines, and chemical or biological processing or formulation.

Underemployed

The condition of working in a job that does not fully utilize one's skills, education, or work capacity, often resulting in diminished income and job satisfaction.