A random sample of 10 one-bedroom apartments from your local newspaper has these monthly rents (dollars):...

A random sample of 10 one-bedroom apartments from your local newspaper has these monthly rents (dollars): 500, 650, 600, 505, 450, 550, 515, 495, 650, 395.

Do these data give good reason to believe that the mean rent of all advertised apartments is greater than $500 per month?

State hypotheses.
Find the mean and standard deviation using SPSS or Excel.
Compute the p-value and draw your conclusions.

Expert Solution

Let denotes the mean rent of all advertised apartments.

Conclusion : There is not enough evidence to believe that the mean rent of all advertised apartments is greater than $500 per month,

orchestra answered 1 year ago

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