You have been hired by the Regional Real Estate Company to help them analyze real estate data. One of the company’s Pacific region salespeople just returned to the office with a newly designed advertisement. The average cost per square foot of home sales based on this advertisement is $280. The salesperson claims that the average cost per square foot in the Pacific region is less than $280. In other words, he claims that the newly designed advertisement would result in higher average cost per square foot in the Pacific Region. He wants you to make sure he can make that statement before approving the use of the advertisement. In order to test his claim, you will generate a random sample of size 750 houses using data for the Pacific region and use this data to perform a hypothesis test.
Generate a sample of size 750 houses using data for the Pacific region. Then, design a hypothesis test and interpret the results using significance level α = .05. You will work with this sample in this assignment. Briefly describe how you generated your random sample.
Use the House Listing Price by Region document (attach 1) to help support your work on this assignment. You may also use the Descriptive Statistics in Excel PDF and Creating Histograms in Excel PDF tutorials for support.
Specifically, you must address the following rubric criteria, using the Module Five Assignment Template Word Document
Excel FunctionType of Test=T.DIST.RT([test statistic], [degree of freedom])Right-tailed=T.DIST([test statistic], [degree of freedom], 1)Left-tailed=T.DIST.2T([test statistic], [degree of freedom])Two-tailedNote: The degree of freedom is calculated by subtracting 1 from your sample size.
You can use the following tutorial that is specifically about this assignment:
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