Essay
The provided histogram displays the prices (in thousands of dollars) of 17 homes sold between November 2011 and February 2012 in a Midwestern city.
In general this shape, right skewed with some unusually high values, is common for describing home values in many cities. For this reason, the median home value for a city is a useful parameter. This sample of recently sold homes had a median price (value) of $166,500. Someone considering moving to this city is interested in knowing if the median home value is more than $150,000.
Describe how you would generate a single randomization sample in this situation, and identify the statistic you would calculate from the sample.
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