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It is believed that the Covid-19 has impacted rent prices in major cities across the US and Canada. According to a report from RENTCafe, the
It is believed that the Covid-19 has impacted rent prices in major cities across the US and Canada. According to a report from RENTCafe, the average rent for an average size one-bedroom apartment in Manhattan, NY was $ 4,500 in January 2020. A random sample of 100 one-bedroom Manhattan apartments (taken in January 2021) produced a mean rent of $ 4,200. Assume that the population standard deviation of all Manhattan one-bedroom apartment rents from 2020 (before the Covid-19 pandemic) was o = $ 1,200. Consider the following null and alternative hypotheses in order to test if the average rent of an average size one-bedroom unit apartment in Manhattan is less than $ 4,500. Consider a = 0.02. Ho : / = 4,500 H1 : /
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