Below you’ll find summary statistics and a frequency distribution for apartments located in Vienna, Austria. The variable in particular this information is for contains the “amount of rent charged per month.” Summary statistics, using the observations 1 – 743 for the variable 'rent' (743 valid observations) Mean 777.47 Median 500.00 Minimum 180.00 Maximum 6000.0 Standard deviation 754.00 C.V. 0.96981 Skewness 3.7272 Ex. kurtosis 18.464 5% percentile 270.00 95% percentile 2000.0 Interquartile range 520.00 Missing obs. 0 a. Using the information as furnished above, perform a hypothesis test to determine whether the true population mean of rent is less than 810 euros (alpha = .05). Be certain to write out the null and alternative hypotheses, your critical t or z value, and whether you accept or reject the null hypothesis along with your calculations of the test statistic. b. Using the information as furnished above, perform a hypothesis test to determine whether the true population mean of rent is equal to 750 euros (alpha = .01). Be certain to show the null and alternative hypotheses, your critical t or z value, and whether you accept or reject the null hypothesis along with your calculations of the test statistic.

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018

18th Edition

ISBN:9780079039897

Author:Carter

Publisher:Carter

Chapter10: Statistics

Section: Chapter Questions

Problem 22SGR

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Question

Below you’ll find summary statistics and a frequency distribution for apartments located in Vienna,
Austria. The variable in particular this information is for contains the “amount of rent charged per
month.”
Summary statistics, using the observations 1 – 743 for the variable 'rent' (743 valid observations)

Mean 777.47
Median 500.00
Minimum 180.00
Maximum 6000.0
Standard deviation 754.00
C.V. 0.96981
Skewness 3.7272
Ex. kurtosis 18.464
5% percentile 270.00
95% percentile 2000.0
Interquartile range 520.00
Missing obs. 0
a. Using the information as furnished above, perform a hypothesis test to determine whether the
true population mean of rent is less than 810 euros (alpha = .05). Be certain to
write out the null and alternative hypotheses, your critical t or z value, and whether you accept
or reject the null hypothesis along with your calculations of the test statistic.
b. Using the information as furnished above, perform a hypothesis test to determine whether the
true population mean of rent is equal to 750 euros (alpha = .01). Be certain to
show the null and alternative hypotheses, your critical t or z value, and whether you accept or
reject the null hypothesis along with your calculations of the test statistic.

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