You have been hired by the Regional Real Estate Company to help them analyze real estate data. One of the companys 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 size of 750 using data for the Pacific region and use this data to perform a hypothesis test.
Generate a sample of size 750 using data for the Pacific region. Then, design a hypothesis test and interpret the results using significance level = .05. You will work with this sample in the assignment. Briefly describe how you generated your random sample.
Hypothesis Test Setup:
-Define your population parameter, including hypothesis statements, and specify the appropriate test.
-Define your population parameter. Write the null and alternative hypotheses. Specify the name of the test you will use.
-Identify whether it is a left-tailed, right-tailed, or two-tailed test. Identify your significance level.
Data Analysis Preparations:
-Describe sample summary statistics, provide a histogram and summary, check assumptions, and find the test statistic and significance level.
-Describe your sample by writing a sentence describing the shape, center, and spread of your sample.
-Determine whether the conditions to perform your identified test have been met.
-Discuss the relationship between the p value and the significance level, including a comparison between the two, and decide to reject or fail to reject the null hypothesis.
-Discuss how the p value relates to the significance level.
-Compare the p value and significance level, and make a decision to reject or fail to reject the null hypothesis.
-Discuss how your test relates to the hypothesis and discuss the statistical significance.
-Explain in one paragraph how your test decision relates to your hypothesis and whether your conclusions are statistically significant.
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