Below you’ll find summary statistics and a frequency distribution for apartments located in Vienna, Austria. The variable in particular this information is for contains the “amount of rent charged per month.” Summary statistics, using the observations 1 – 743 for the variable 'rent' (743 valid observations) Mean 777.47 Median 500.00 Minimum 180.00 Maximum 6000.0 Standard deviation 754.00 C.V. 0.96981 Skewness 3.7272 Ex. kurtosis 18.464 5% percentile 270.00 95% percentile 2000.0 Interquartile range 520.00 Missing obs. 0 a. Using the information as furnished above, perform a hypothesis test to determine whether the true population mean of rent is less than 810 euros (alpha = .05). Be certain to write out the null and alternative hypotheses, your critical t or z value, and whether you accept or reject the null hypothesis along with your calculations of the test statistic. b. Using the information as furnished above, perform a hypothesis test to determine whether the true population mean of rent is equal to 750 euros (alpha = .01). Be certain to show the null and alternative hypotheses, your critical t or z value, and whether you accept or reject the null hypothesis along with your calculations of the test statistic.
Below you’ll find summary statistics and a frequency distribution for apartments located in Vienna, Austria. The variable in particular this information is for contains the “amount of rent charged per month.” Summary statistics, using the observations 1 – 743 for the variable 'rent' (743 valid observations) Mean 777.47 Median 500.00 Minimum 180.00 Maximum 6000.0 Standard deviation 754.00 C.V. 0.96981 Skewness 3.7272 Ex. kurtosis 18.464 5% percentile 270.00 95% percentile 2000.0 Interquartile range 520.00 Missing obs. 0 a. Using the information as furnished above, perform a hypothesis test to determine whether the true population mean of rent is less than 810 euros (alpha = .05). Be certain to write out the null and alternative hypotheses, your critical t or z value, and whether you accept or reject the null hypothesis along with your calculations of the test statistic. b. Using the information as furnished above, perform a hypothesis test to determine whether the true population mean of rent is equal to 750 euros (alpha = .01). Be certain to show the null and alternative hypotheses, your critical t or z value, and whether you accept or reject the null hypothesis along with your calculations of the test statistic.
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Question
Below you’ll find summary statistics and a frequency distribution for apartments located in Vienna,
Austria. The variable in particular this information is for contains the “amount of rent charged per
month.”
Summary statistics, using the observations 1 – 743 for the variable 'rent' (743 valid observations)
Austria. The variable in particular this information is for contains the “amount of rent charged per
month.”
Summary statistics, using the observations 1 – 743 for the variable 'rent' (743 valid observations)
Mean 777.47
Median 500.00
Minimum 180.00
Maximum 6000.0
Standard deviation 754.00
C.V. 0.96981
Skewness 3.7272
Ex. kurtosis 18.464
5% percentile 270.00
95% percentile 2000.0
Interquartilerange 520.00
Missing obs. 0
a. Using the information as furnished above, perform a hypothesis test to determine whether the
true population mean of rent is less than 810 euros (alpha = .05). Be certain to
write out the null and alternative hypotheses, your critical t or z value, and whether you accept
or reject the null hypothesis along with your calculations of the test statistic.
b. Using the information as furnished above, perform a hypothesis test to determine whether the
true population mean of rent is equal to 750 euros (alpha = .01). Be certain to
show the null and alternative hypotheses, your critical t or z value, and whether you accept or
reject the null hypothesis along with your calculations of the test statistic.
Median 500.00
Minimum 180.00
Maximum 6000.0
Standard deviation 754.00
C.V. 0.96981
Skewness 3.7272
Ex. kurtosis 18.464
5% percentile 270.00
95% percentile 2000.0
Interquartile
Missing obs. 0
a. Using the information as furnished above, perform a hypothesis test to determine whether the
true population mean of rent is less than 810 euros (alpha = .05). Be certain to
write out the null and alternative hypotheses, your critical t or z value, and whether you accept
or reject the null hypothesis along with your calculations of the test statistic.
b. Using the information as furnished above, perform a hypothesis test to determine whether the
true population mean of rent is equal to 750 euros (alpha = .01). Be certain to
show the null and alternative hypotheses, your critical t or z value, and whether you accept or
reject the null hypothesis along with your calculations of the test statistic.
Expert Solution
Step 1: Write the given information.
Summary statistics, using the observations 1 – 743 for the variable 'rent' (743 valid observations)
Mean 777.47
Median 500.00
Minimum 180.00
Maximum 6000.0
Standard deviation 754.00
C.V. 0.96981
Skewness 3.7272
Ex. kurtosis 18.464
5% percentile 270.00
95% percentile 2000.0
Interquartile range 520.00
Missing obs. 0
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