Question

In: Statistics and Probability

According to the 2019 National Apartment List Rent Report, the average two-bedroom apartment rent in New...

According to the 2019 National Apartment List Rent Report, the average two-bedroom apartment rent in New Jersey is $1,531. A random sample of 39 apartments in New Jersey was selected. Using a population standard deviation of $227, what is the probability that the sample mean will be greater than $1,450

Expert Solution

Solution :

Given that ,

mean = = 1531

standard deviation = = 227

= / n = 227 / 39 = 36.3491

P( > 1450) = 1 - P( < 1450)

= 1 - P[( - ) / < (1450 - 1531) / 36.3491]

= 1 - P(z < -2.23)

= 1 - 0.0129

= 0.9871

Probability = 0.9871

orchestra answered 2 years ago

1. The Zumber National Rent Report lists the average monthly apartment rent in various locations in...

1. The Zumber National Rent Report lists the average monthly apartment rent in various locations in the United States. According to their report, the average cost of renting a one-bedroom apartment in Houston is $1,090. Suppose that the standard deviation of the cost of renting a one-bedroom apartment in Houston is $96 and that such apartment rents in Houston are normally distributed. If a one-bedroom apartment in Houston is randomly selected, what is the probability that the price is: (20...

The monthly rent for a two-bedroom apartment in a particular city is reported to be $1550....

The monthly rent for a two-bedroom apartment in a particular city is reported to be $1550. Randomly chosen 50 apartments are taken as a sample, which has a mean of $1608 and a standard deviation of $302. (a) Conduct a hypothesis test at a 0.05 level of significance if the reported rent of $1550 is plausible. Make sure to state your null and alternative hypotheses1 . (b) Construct a 95% confidence interval for the population mean of the sampled data....

In an apartment complex, two bedroom apartments rent for more than one bedroom apartments. I conducted...

In an apartment complex, two bedroom apartments rent for more than one bedroom apartments. I conducted a study of 9 apartment complexes, and found the following rental rates at the respective complexes: (show work) 1-bedroom 780 485 450 530 620 520 845 1000 700 2-bedroom 1220 900 740 955 1055 875 1455 1720 1200 The correlation coefficient for this problem is _______________ There is/ is not evidence of significant correlation at the 5% significance level The regression equation is ____________________ The best...

The average monthly rent for a 1-bedroom apartment in San Francisco ranges from approximately $2500 to...

The average monthly rent for a 1-bedroom apartment in San Francisco ranges from approximately $2500 to $3700, depending on the neighborhood. A rent control policy setting $2000 per month rent on apartments is being considered in San Francisco, where the demand for apartments is given by P = 5000 − Q and the supply of apartments is P = 1000 + Q. Here, P = dollars of monthly rent, and Q = number of apartments available for rent. For purposes...

High-rent district: The mean monthly rent for a one-bedroom apartment without a doorman in Manhattan is...

High-rent district: The mean monthly rent for a one-bedroom apartment without a doorman in Manhattan is $2634. Assume the standard deviation is $501. A real estate firm samples $106 apartments. Use the TI-84 Plus calculator. Part 1 of 5 (a) What is the probability that the sample mean rent is greater than $2704? Round the answer to at least four decimal places. The probability that the sample mean rent is greater than $2704 is? Part 2 of 5 (b) What...

High rent district:the mean monthly rent for a one-bedroom apartment without a doorman in Manhattan is...

High rent district:the mean monthly rent for a one-bedroom apartment without a doorman in Manhattan is 2544.Assume the standard deviation is 483.A real estate firm samples 83 apartments.Use cumulative distribution table if needed. What is the probability that the sample mean rent is greater than 2614? Round atleast 4 places What is the probability that sample mean rent is between 2413 and 2513? Round atleast 4 places Find the 65th percentile of the sample mean rent? Round 4 places Would...

1. Apartment rental rates: You want to rent an unfurnished one-bedroom apartment for next semester. The...

1. Apartment rental rates: You want to rent an unfurnished one-bedroom apartment for next semester. The mean monthly rent for a random sample of 10 apartments advertised in the local newspaper is $960. Assume that the population standard deviation is $80. a. Find a 95% confidence interval for the mean monthly rent for unfurnished one-bedroom apartments available for rent in this community. Interpret your result. b. Find and compare the margin of error for intervals with 90, 95, and 99%...

In a certain section of Southern California, the distribution of monthly rent for a one-bedroom apartment...

In a certain section of Southern California, the distribution of monthly rent for a one-bedroom apartment has a mean of $2,200 and a standard deviation of $290. The distribution of the monthly rent does not follow the normal distribution. In fact, it is positively skewed. What is the probability of selecting a sample of 70 one-bedroom apartments and finding the mean to be at least $2,100 per month? (Round z value to 2 decimal places and final answer to...

You want to rent an unfurnished one-bedroom apartment for next semester. You take a random sample...

You want to rent an unfurnished one-bedroom apartment for next semester. You take a random sample of 10 apartments advertised in the local newspaper and record the monthly rent. Here are the sample data: 500, 650, 600, 505, 450, 550, 515, 495, 650, 395 Find the sample mean Find the sample median Find the standard deviation Find the variance Find the range Construct a 95% confidence interval estimate of the population mean. (You may assume that the original population is...

You want to rent an unfurnished one-bedroom apartment in downtown San Diego next year. The mean...

You want to rent an unfurnished one-bedroom apartment in downtown San Diego next year. The mean monthly rent for a random sample of 100 apartments advertised on Craigslist is $1800. Assume a population standard deviation of $150. Find a confidence interval estimate for the population mean of rent for an unfurnished one-bedroom apartment in downtown San Diego. 5)Find a 95% confidence interval for the true (population) mean of rent for an unfurnished one-bedroom apartment in downtown San Diego. (1770.6, 1829.4)...