Question

A realty company looks at a recent sample of houses that have sold On testing the nul hypothesis that 57% of the houses take more than three months to sell against the hypothesis that more than 57% of the houses take more than three months to sell, they find a P value of 0.026 which conclusion is appropriate? Explain.
Choose the correct answer below. A. If 57% of the houses take more than three months to sell, there is a 2 6% chance that a random sample proportion would be as high as or higher than the one they obtained B. There is a 26% chance that 57% of the houses take more than 3 months to sell C. There is a 97 4% chance that 57% of the houses take more than 3 months to sell D. There is a 26% chance that the null hypothesis is correct

Answer 1

Answer:

The correct option is: If 57% of the houses take more than three months to sell, there is a 2 6% chance that a random sample proportion would be as high as or higher than the one they obtained

Step-by-step explanation:

Consider the provided information.

The Null hypotheses is 57%,

$H_0: \mu=0.57\\H_a: \mu>0.57$

P-value is given as 0.026

Here P value represents the probability.

0.026 can be written as: 2.6%

Thus the conclusion is:

If 57% of the houses take more than three months to sell, there is a 2 6% chance that a random sample proportion would be as high as or higher than the one they obtained.

Hence, the correct option is: If 57% of the houses take more than three months to sell, there is a 2 6% chance that a random sample proportion would be as high as or higher than the one they obtained