# Mean Selling Time

QUESTION 1

A statewide real estate company specializes in selling farm property in the state of Nebraska. Their records indicate that the mean selling time of farm property is 90 days. Because of recent drought conditions, they believe that the mean selling time is now greater than 90 days. A statewide survey of 100 farms sold recently revealed that the mean selling time was 94 days, with a standard deviation of 22 days. At the .10 significance level you will test to determine if there has been an increase in selling time. What is the value of your test statistic?

a. 1.28

b. 1.79

c. 1.82

d. -1.82

QUESTION 2

A statewide real estate company specializes in selling farm property in the state of Nebraska. Their records indicate that the mean selling time of farm property is 90 days. Because of recent drought conditions, they believe that the mean selling time is now greater than 90 days. A statewide survey of 100 farms sold recently revealed that the mean selling time was 94 days, with a standard deviation of 22 days. At the .10 significance level you will test to determine if there has been an increase in selling time. What is your decision?

a. reject Ho

b. do not reject Ho

c. reject H1

d. none of the above

QUESTION 3

A statewide real estate company specializes in selling farm property in the state of Nebraska. Their records indicate that the mean selling time of farm property is 90 days. Because of recent drought conditions, they believe that the mean selling time is now greater than 90 days. A statewide survey of 100 farms sold recently revealed that the mean selling time was 94 days, with a standard deviation of 22 days. At the .10 significance level you will test to determine if there has been an increase in selling time. What is your conclusion?

a. there is no evidence that there has been an increase in the average selling time

b. there is evidence that there has been an increase in the average selling time

c. there is no evidence that there has been a decrease in the average selling time

d. there is evidence that there has been a decrease increase in the average selling time

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