Answered: Techside Real Estate, Inc. is a…

Name: Techside Real Estate, Inc. is a research firm that tracks the cost of
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Description: Techside Real Estate, Inc. is a research firm that tracks the cost of apartment rentals in Southwest Virginia. In mid-2002, the regional average apartment rental rate was $895 per month. Assume that, based on the historical quarterly surveys, it is r

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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Techside Real Estate, Inc. is a research firm that tracks the cost of apartment rentals in Southwest Virginia. In mid-2002, the regional average apartment rental rate was $895 per month. Assume that, based on the historical quarterly surveys, it is reasonable to assume that the population standard deviation is $225. In a current study of apartment rental rates, a sample of 180 apartments in the region provided the apartment rental rates.

Do the sample data enable Techside Real Estate, Inc. to conclude that the population mean apartment rental rate now exceeds the level reported in 2002? The sample mean is $915 and the sample standard deviation is $227.50. Make your decision based on alpha=0.10.
What is the P-value?

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