- Calculate
the mean, median, and standard deviation for both the sample of new
states in which you will have facilities AND calculate the mean, median
and standard deviation for the national population of median home
prices. You note that there are 51 observations in the population. - For the population mean construct the 95% confidence interval.
- Determine how many of the sample state fall outside the confidence interval and identify the states.
- Formulate
an appropriate hypothesis test to determine if you suspicion is correct
that the new states in which you will be building facilities have
higher average median price for home than the average median price for
the population. - Based
on your conclusion from the hypothesis, is it likely that the firm will
experience a significant increase in its salary cost.
Median Property Value by State: Homes 2010-2012 US Census Report Home Value
Price In Current Dollars
2010-2012
Alabama
$123,400
Alaska
$241,400
Arizona
$158,100
Arkansas
$106,900
California
$358,800
Colorado
$235,800
Connecticut
$278,600
Delaware
$235,900
District of Columbia
$436,000
Florida
$154,900
Georgia
$149,300
Hawaii
$503,100
Idaho
$160,000
Illinois
$179,900
Indiana
$122,600
Iowa
$124,300
Kansas
$128,500
Kentucky
$120,800
Louisiana
$138,800
Maine
$173,900
Maryland
$289,300
Massachusetts
$328,300
Michigan
$119,200
Minnesota
$185,800
Mississippi
$100,000
Missouri
$137,100
Montana
$183,600
Nebraska
$127,800
Nevada
$161,300
New Hampshire
$239,100
New Jersey
$325,800
New Mexico
$159,300
New York
$286,700
North Carolina
$152,800
North Dakota
$130,500
Ohio
$130,600
Oklahoma
$112,900
Oregon
$233,900
Pennsylvania
$164,700
Rhode Island
$245,300
South Carolina
$136,300
South Dakota
$131,600
Tennessee
$138,400
Texas
$128,400
Utah
$209,000
Vermont
$215,700
Virginia
$243,100
Washington
$256,500
West Virginia
$98,300
Wisconsin
$167,200
Wyoming
$183,200
0 comments