The average price of homes sold in the U.S. in the past year was $220,000 (population mean). A random sample of 81 homes sold this year showed an average price of $210,000. It is known that the standard deviation of the population is $36,000. At a 5% level of significance, test to determine if there has been a significant decrease in the average price of homes. a. State the null and alternative hypotheses to be tested. b. Determine the critical value for this test. c. Compute the test statistic. d. What do you conclude? And interpret it. e. Compute the p-value.
