Null and alternative hypothesis

Reference no: EM1388357

Use the following problems statement to answer the following five questions:

Suppose that in past years the average price per square foot for warehouses in the United States has been $32.28. A national real estate investor wants to determine whether that figure has changed now. The investor hires a researcher who randomly samples 19 warehouses that are for sale across the United States and finds that the mean price per square foot is $31.67, with a standard deviation of $1.29. If the researcher uses a 5% level of significance,

what are the appropriate hypotheses?

what is the value of test statistic?

what is (are) the critical value(s)?

what statement should be made about the null and alternative hypothesis based on sample data and significance level?

what specific conclusion can be drawn about the price for square foot of warehouses in United States

Reference no: EM1388357

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