Answer:
The value of the test statistic is 1.158.
Step-by-step explanation:
We are given that a researcher wants to test if the mean price of houses in an area is greater than $145,000.
A sample of 36 houses selected from this area produces a mean price of $149,750 and a standard deviation of $24,600.
<u><em>Let </em></u><u><em> = mean price of houses in an area.</em></u>
SO, Null Hypothesis, : $145,000 {means that the mean price of houses in an area is smaller than or equal to $145,000}
Alternate Hypothesis, : > $145,000 {means that the mean price of houses in an area is greater than $145,000}
The test statistics that will be used here is <u>One-sample t test statistics</u> as we don't know about the population standard deviation;
T.S. = ~
where, = sample mean price of houses selected = $149,750
s = sample standard deviation = $24,600
n = sample of houses = 36
So, <u><em>test statistics</em></u> = ~
= 1.158
The value of the test statistic is 1.158.