A real estate agent has collected a random sample of 75 houses that were recently sold in a suburban community. She is particularly interested in comparing the appraised value and recent selling price of the houses in this particular market. The values of these two variables for each of the 75 randomly chosen houses are provided in the table. Using these sample data, test whether there exists a statistically significant mean difference between the appraised values and selling prices of the houses sold in the suburban community. Report a p-value. For which significance is it appropriate to conclude that no difference exists between these two values?
|
House |
Value |
Price |
|
1 |
119.37 |
121.87 |
|
2 |
148.93 |
150.25 |
|
3 |
130.39 |
122.78 |
|
4 |
135.7 |
144.35 |
|
5 |
126.3 |
116.2 |
|
6 |
137.08 |
139.49 |
|
7 |
123.49 |
115.73 |
|
8 |
150.83 |
140.59 |
|
9 |
123.48 |
120.29 |
|
10 |
132.05 |
147.25 |
|
11 |
148.21 |
152.26 |
|
12 |
139.53 |
144.8 |
|
13 |
114.34 |
107.06 |
|
14 |
140.04 |
147.47 |
|
15 |
136.01 |
135.12 |
|
16 |
140.93 |
140.24 |
|
17 |
132.42 |
129.89 |
|
18 |
118.3 |
121.14 |
|
19 |
122.14 |
111.23 |
|
20 |
149.82 |
145.14 |
|
21 |
128.91 |
139.01 |
|
22 |
134.61 |
129.34 |
|
23 |
121.99 |
113.61 |
|
24 |
150.5 |
141.05 |
|
25 |
142.87 |
152.9 |
|
26 |
155.55 |
157.79 |
|
27 |
128.5 |
135.57 |
|
28 |
143.36 |
151.99 |
|
29 |
119.65 |
120.53 |
|
30 |
122.57 |
118.64 |
|
31 |
145.27 |
149.51 |
|
32 |
149.73 |
146.86 |
|
33 |
147.7 |
143.88 |
|
34 |
117.53 |
118.52 |
|
35 |
140.13 |
146.07 |
|
36 |
136.57 |
135.35 |
|
37 |
130.44 |
121.54 |
|
38 |
118.13 |
132.98 |
|
39 |
130.98 |
147.53 |
|
40 |
131.33 |
128.49 |
|
41 |
141.1 |
141.93 |
|
42 |
117.87 |
123.55 |
|
43 |
160.58 |
162.03 |
|
44 |
151.1 |
157.39 |
|
45 |
120.15 |
114.55 |
|
46 |
133.17 |
139.54 |
|
47 |
140.16 |
149.92 |
|
48 |
124.56 |
122.08 |
|
49 |
127.97 |
136.51 |
|
50 |
101.93 |
109.41 |
|
51 |
131.47 |
127.29 |
|
52 |
121.27 |
120.45 |
|
53 |
143.55 |
151.96 |
|
54 |
136.89 |
132.54 |
|
55 |
106.11 |
114.33 |
|
56 |
137.54 |
141.32 |
|
57 |
134.33 |
83.76 |
|
58 |
127.59 |
118.2 |
|
59 |
137.44 |
140.2 |
|
60 |
114.09 |
113.55 |
|
61 |
145.46 |
156.52 |
|
62 |
141.9 |
137.35 |
|
63 |
116.34 |
110.61 |
|
64 |
149.2 |
153.69 |
|
65 |
141.81 |
153.33 |
|
66 |
116.44 |
111.95 |
|
67 |
137.74 |
143.46 |
|
68 |
144.7 |
142.13 |
|
69 |
149.66 |
155.46 |
|
70 |
118.17 |
135.44 |
|
71 |
137.66 |
127.3 |
|
72 |
119.7 |
113.77 |
|
73 |
143.12 |
141.11 |
|
74 |
129.91 |
130.08 |
|
75 |
141.78 |
139.35 |
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