You are looking to find if the average selling price of a home in an area is greater than $350,000. You look at 50 homes in the area and compute the average price of the 50 homes to be $350,000 with a...

Question 16: give the null and alternative hypothesis.


Extracted text: You are looking to find if the average selling price of a home in an area is greater than $350,000. You look at 50 homes in the area and compute the average price of the 50 homes to be $350,000 with a standard deviation of $25,000. At the 5% significance level we determine if the null hypothesis should be rejected. Give the null and alternative hypotheses. Null: The population mean is $350,000, Alternative: The population mean is less than $350,000 Null: The population mean is $350,000, Alternative: The population mean is greater than $350,000