John, an experienced Airbnb host claims that true average rental price per night for a shared room in lower east side of Manhattan is $100. A sample of 15 shared room rentals from the neighborhood yields a sample average price per night of $85 with a standard deviation $17 (source: Kaggle.com). Suppose the distribution of price per night is normally distributed. Is there sufficient evidence to believe that average price per night for a shared room in Manhattan’s lower east side is less than what John claims? (Use 5% significance level)? (3 points) Calculate the p value for the test. You may use MINITAB to get the numerical value of the p value. However, you MUST clearly state the p value as a probability statement. (5 points) Make the decision about the null hypothesis and write the final conclusion in the context of the problem.
John, an experienced Airbnb host claims that true average rental price per night for a shared room in lower east side of Manhattan is $100. A sample of 15 shared room rentals from the neighborhood yields a sample average price per night of $85 with a standard deviation $17 (source: Kaggle.com). Suppose the distribution of price per night is normally distributed. Is there sufficient evidence to believe that average price per night for a shared room in Manhattan’s lower east side is less than what John claims? (Use 5% significance level)? (3 points) Calculate the p value for the test. You may use MINITAB to get the numerical value of the p value. However, you MUST clearly state the p value as a probability statement. (5 points) Make the decision about the null hypothesis and write the final conclusion in the context of the problem.
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
Related questions
Question
John, an experienced Airbnb host claims that true average rental price per night for a shared room in lower east side of Manhattan is $100. A sample of 15 shared room rentals from the neighborhood yields a sample average price per night of $85 with a standard deviation $17 (source: Kaggle.com).
Suppose the distribution of price per night is
- (3 points) Calculate the p value for the test. You may use MINITAB to get the numerical value of the p value. However, you MUST clearly state the p value as a probability statement.
- (5 points) Make the decision about the null hypothesis and write the final conclusion in the context of the problem.
AI-Generated Solution
AI-generated content may present inaccurate or offensive content that does not represent bartleby’s views.
Unlock instant AI solutions
Tap the button
to generate a solution
Recommended textbooks for you
MATLAB: An Introduction with Applications
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
Probability and Statistics for Engineering and th…
Statistics
ISBN:
9781305251809
Author:
Jay L. Devore
Publisher:
Cengage Learning
Statistics for The Behavioral Sciences (MindTap C…
Statistics
ISBN:
9781305504912
Author:
Frederick J Gravetter, Larry B. Wallnau
Publisher:
Cengage Learning
MATLAB: An Introduction with Applications
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
Probability and Statistics for Engineering and th…
Statistics
ISBN:
9781305251809
Author:
Jay L. Devore
Publisher:
Cengage Learning
Statistics for The Behavioral Sciences (MindTap C…
Statistics
ISBN:
9781305504912
Author:
Frederick J Gravetter, Larry B. Wallnau
Publisher:
Cengage Learning
Elementary Statistics: Picturing the World (7th E…
Statistics
ISBN:
9780134683416
Author:
Ron Larson, Betsy Farber
Publisher:
PEARSON
The Basic Practice of Statistics
Statistics
ISBN:
9781319042578
Author:
David S. Moore, William I. Notz, Michael A. Fligner
Publisher:
W. H. Freeman
Introduction to the Practice of Statistics
Statistics
ISBN:
9781319013387
Author:
David S. Moore, George P. McCabe, Bruce A. Craig
Publisher:
W. H. Freeman