Question

You randomly choose 16 unfurnished one-bedroom apartments from many advertisements in the local paper. You calculate their mean monthly rent to be $874.96 with a standard deviation of $54.83. a. At a 90% confidence level, calculate the confidence interval based on your sample. b. At a 10% significance level, test the claim that the average monthly rent for unfurnished one-bedroom apartments in your area is equal to $850 (you believe there may be some outliers in your data). 1 c. What would be the impact (does the conclusion change) of increasing your sample to 24 apartments?

I kinda understand the method I just wanna see if I'm right. but pls show ur work and the whole process

Answer 1

Griven Sample size enl:+6 Sample meam la 874•96. Samble SD65)3-54.83 We know yox 100c1-98% cofidence interval S -0 a t talarda in Here degree of freedom to n-1-16-1-15 Now for a=0.490% confidence level with df-is, at two-tailed coiticital value - ol to gydf - 19753 (a) de confidence interval at 90% confidence levels CI- 874.96_+ 10753_54.83 Vio = 874.96 $ 94-09.985 85-0-93075 <H4898198445 monthly *_there is a 20% confidence that the average xent fun for unfurnished-che-bedroom apartmente area pe between 850:43075_and_89498925 in the (62 the Mull hypothesis[ho]: Me 85.0 (claim) Alternative hypothesis Hoitz esa level of significance is given a3. 147.3.0.1

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