Test of hypothesis-academic approach

Assignment Help Basic Statistics

Reference no: EM13113204

Reis, Inc., a New York real estate research firm, tracks the cost of apartment rentals in the United States. In mid-2002, the nationwide mean apartment rental rate was $895 per month (The Wall Street Journal, July 8, 2002). Assume that, based on the historical quarterly surveys, a population standard deviation of s = $225 is reasonable. In a current study of apartment rental rates, a sample of 180 apartments nationwide provided a sample mean of $915 per month. Do the sample data enable Reis to conclude that the population mean apartment rental rate now exceeds the level reported in 2002?

a. State the null and alternative hypotheses.

b. Determine the p-value

c. At a (alpha) = .01, explain your conclusion.

d. Provide a recommendation for Reis to consider at this time.

Reference no: EM13113204

Questions Cloud

How many kilograms of carbon dioxide are produced : How many kilograms of CO2 are produced from the complete combustion of 1.00L of gasoline assume that the gasoline has the formula C8H18.

List the bonds in the most likely order of the interest rate : Consider the subsequent four debt securities, which are identical in every characteristic except as noted: List the bonds in the most likely order of the interest rates (yields to maturity) of the bonds from highest to lowest. Explain your work

What credit score defines top five percent of scores : A mean score of 600 and a standard deviation of 100. What credit score defines the top five percent of scores. Within what range would 85% of credit score fall.

Explain why might assumption of independence be violated : Suppose independent events. Explain why might the assumption of independence be violated? Explain why a driver might be tempted not to use a seat belt "just on this trip?"

Test of hypothesis-academic approach : Reis, Inc., a New York real estate research firm, tracks the cost of apartment rentals in the United States. In mid-2002, the nationwide mean apartment rental rate was $895 per month

Probability that cigar-smoking businessmen is republican : If p(s/d)=30 % of the Democrats smoke cigars, and p(s/d')=50% of Republicans smoke cigars also. What is the probability that a cigar- smoking businessmen is a Republican?

Three main types of business organizations are partnerships : Illustrate what is the duration of the "life" of each of these organizations? If you were forming a business entity and had no intent to go public (sell stock on the stock exchanges), illustrate what form would you use and explain why?

How many moles of carbon, c , were in the original sample : An unknown compound contains only carbon, hydrogen, and oxygen (C_xH_yO_z). Combustion of 5.50 of this compound produced 8.07 of carbon dioxide and 3.30 of water.

Null and alternative hypotheses of drugstore : Drugstore was the first e-commerce company to offer Internet drugstore retailing. Drugstore.com customers were provided the opportunity to buy health, beauty, personal care, wellness, and pharmaceutical replenishment products over the Internet.

User Account

All Pages