Answered: The South Carolina Real Estate…

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

The South Carolina Real Estate Association claims that the median rental for three bedroom condominiums in the metropolitan area is $1,200 a month. To check this, a random sample of 149 units was selected. Of the 149, 5 rented for exactly $1,200 a month, and 75 rented for more than $1,200. At the .05 level, test the statement that the median rental is $1,200. Do a statistical test. What is your p-value? Interpret.

Definition Definition Middle value of a data set. The median divides a data set into two halves, and it also called the 50th percentile. The median is much less affected by outliers and skewed data than the mean. If the number of elements in a dataset is odd, then the middlemost element of the data arranged in ascending or descending order is the median. If the number of elements in the dataset is even, the average of the two central elements of the arranged data is the median of the set. For example, if a dataset has five items—12, 13, 21, 27, 31—the median is the third item in ascending order, or 21. If a dataset has six items—12, 13, 21, 27, 31, 33—the median is the average of the third (21) and fourth (27) items. It is calculated as follows: (21 + 27) / 2 = 24.

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