On their website, a property management company states that the mean monthly rent for apartments on the east side of town is $650. A researcher for a consumer advocacy group believes that, due to the construction of newer apartment complexes in neighboring towns, the mean monthly rent on the east side, μ, is now lower. A random sample of 14 monthly rents for apartments on the east side has a mean of $647, with a standard deviation of $24. Assume that current monthly rents for apartments on the east side are approximately normally distributed. Based on the sample, is there enough evidence to conclude, at the 0.10 level of significance, that the population mean monthly rent is now less than what is stated on the website? Perform a one-tailed test. Then complete the parts below. Carry your intermediate computations to three or more decimal places a. State the null hypothesis H0 and the alternative hypothesis H1. b. Find the value of the test statistic. Round to three or more decimal places. c. Find the critical value. Round to three or more decimal places. d. Can we conclude that the mean monthly rent for apartments on the east side is less than what is stated on the website
On their website, a property management company states that the mean monthly rent for apartments on the east side of town is $650. A researcher for a consumer advocacy group believes that, due to the construction of newer apartment complexes in neighboring towns, the mean monthly rent on the east side, μ, is now lower. A random sample of 14 monthly rents for apartments on the east side has a mean of $647, with a standard deviation of $24. Assume that current monthly rents for apartments on the east side are approximately
Perform a one-tailed test. Then complete the parts below.
Carry your intermediate computations to three or more decimal places
a. State the null hypothesis H0 and the alternative hypothesis H1.
b. Find the value of the test statistic. Round to three or more decimal places.
c. Find the critical value. Round to three or more decimal places.
d. Can we conclude that the mean monthly rent for apartments on the east side is less than what is stated on the website
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