Question
In this question set, you are going to conduct a hypothesis test using the approach introduced on page 7.4.1 of the online course notes. Researchers
In this question set, you are going to conduct a hypothesis test using the approach introduced on page 7.4.1 of the online course notes.
Researchers want to know if there is evidence that the mean monthly rental rate of a two-bedroom apartment in University City, North Carolina, is different from $1500. On November 20, 2021, the data was collected from a random sample of 60 two-bedroom apartments in University City, North Carolina. Minitab was used to compute the following descriptive statistics:
Variable | N | Mean | SE Mean |
---|---|---|---|
Rent | 60 | 1562 | 192.7 |
"SE Mean" is the standard error of the mean.
Use the five-step hypothesis testing procedure that is outlined below to conduct a hypothesis test to determine if there is evidence that the population mean is different from $1500. Because the sample size is large, the sampling distribution will be approximately normal and you can use the z distribution to find the p value. Use a 0.05 alpha level.
QUESTION
1.Check assumptions and write hypotheses.
2.Calculate the test statistic.
3.Determine the p-value (use the z distribution).
4.Make a decision.
5.State a real-world conclusion.
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