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Name: A rental agent claims that the mean monthly rent, μ, for apartments on
Uploaded: 2024-03-20T07:07:12.000Z
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Description: A rental agent claims that the mean monthly rent, μ, for apartments on the east side of town is less than $675. A random sample of 20 monthly rents for apartments on the east side has a mean of $669, with a standard deviation of $19 If we assume that

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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A rental agent claims that the mean monthly rent,

μ, for apartments on the east side of town is less than

$675. A random sample of 20 monthly rents for apartments on the east side has a mean of $669, with a standard deviation of

$19 If we assume that the monthly rents for apartments on the east side are normally distributed, is there enough evidence to conclude, at the 0.05

level of significance, that μ is less than $675?

Perform a one-tailed test. Then fill in the table below.

Carry your intermediate computations to at least three decimal places and round your answers as specified in the table. (If necessary, consult a list of formulas.)

The null hypothesis:	H0:__?
The alternative hypothesis:	H1: __?
The type of test statistic:	(Choose one)Z,t,Chi square,F

The value of the test statistic: (Round to at least three decimal places.)	__?
The p-value: (Round to at least three decimal places.)	__?
Using the 0.05 level of significance, can we conclude that the mean monthly rent for apartments on the east side is less than $675? YES Or NO?

Definition Definition Measure of central tendency that is the average of a given data set. The mean value is evaluated as the quotient of the sum of all observations by the sample size. The mean, in contrast to a median, is affected by extreme values. Very large or very small values can distract the mean from the center of the data. Arithmetic mean: The most common type of mean is the arithmetic mean. It is evaluated using the formula: μ = 1 N ∑ i = 1 N x i Other types of means are the geometric mean, logarithmic mean, and harmonic mean. Geometric mean: The nth root of the product of n observations from a data set is defined as the geometric mean of the set: G = x 1 x 2 ... x n n Logarithmic mean: The difference of the natural logarithms of the two numbers, divided by the difference between the numbers is the logarithmic mean of the two numbers. The logarithmic mean is used particularly in heat transfer and mass transfer. ln x 2 − ln x 1 x 2 − x 1 Harmonic mean: The inverse of the arithmetic mean of the inverses of all the numbers in a data set is the harmonic mean of the data. 1 1 x 1 + 1 x 2 + ...

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