Econ Homework

1. Suppose a realtor is interested in comparing the asking prices of homes in Philadelphia and Baltimore. A random sample of 21 listings in Philadelphia resulted in a sample mean price of $185,900, with a sample standard deviation of $2,300. A random sample of 26 listings in Baltimore resulted in a sample mean price of $184,500, with a sample standard deviation of $1,750. At a 5% level of significance, test to see if there is a significant difference in the mean asking prices in the two cities. What is your conclusion?

2. According to a study conducted by Dell Computers, 59% of mean and 70% of women say that weight is a very important factor in purchasing a laptop computer. Suppose this survey was conducted using 374 men and 481 women. Do these data show enough evidence to support the conclusion that there is no difference in the proportion of men and women who think weight is a factor in purchasing a laptop? Use a 5% level of significance.

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