Answered: A rental agent claims that the mean…

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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Question

A rental agent claims that the mean monthly rent,

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

$650

. A random sample of

monthly rents for apartments on the east side has a mean of

$643

, with a standard deviation of

$22

. 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

is less than

$650

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.

The null hypothesis:	H0:
The alternative hypothesis:	H1:
The type of test statistic:	(Choose one)ZtChi squareF

The value of the test statistic: (Round to at least three decimal places.)
The critical value at the 0.05 level of significance: (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 $650 ?

Features Features Normal distribution is characterized by two parameters, mean (µ) and standard deviation (σ). When graphed, the mean represents the center of the bell curve and the graph is perfectly symmetric about the center. The mean, median, and mode are all equal for a normal distribution. The standard deviation measures the data's spread from the center. The higher the standard deviation, the more the data is spread out and the flatter the bell curve looks. Variance is another commonly used measure of the spread of the distribution and is equal to the square of the standard deviation.

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