Answer Happy

4. Cushman and Wakefield reported that the average annual rent for office space in Tampa was RM 17.63 per square ft. A real estate agent selected a random sample of 15 rental properties (offices) and found the mean rent was RM 18.72 per square ft and the standard deviation was RM 3.64. At a -0.05, test the claim that there is no difference in rents. Step 1: State the hypothesis and identify the claim. a) Ha:g = 17.63, Hiệp #17.63 c) H:17.63, H:> 17.63 b) Ho:p=18.72, Hip = 18.72 d) H:#218.72, H₁: < 18.72 - Step 2: Compute the test statistic 1761-1872-1.1598 1872-17.63 a) ftest = b) fest= = 1.1598 164/√15 364/√15 c) test 1 18.72-1763 164/√15 = 1.1598 d) est= 17.63-18.72 3.64/√15 =-1.1598 Step 3: Find the critical value a) faa25,14±2.1450 b) Zoas 11.6449 99% 25% 25% -3.1450 Falejo H j c) fans14-1.7613 -1.7613 2.5% 2,1450 Brit H LE449 Kej 1₂ Flo d) fo.14 1.7613 25% 1.6499 RH 91% RH, FR₂ Fail to Reject H Rein H Step 4: Make the decision to reject or do not reject H₂ a) text is in the rejection region, thus reject Ho b) text is not in the rejection region, thus do not reject H₂ c) Ze is not in the rejection region, thus reject Ha d) zet is not in the rejection region, thus do not reject H₂ Step 5: Summarize the result (conclusion) a) There is enough evidence to reject the claim that the average annual rent for office space in Tampa was 17.63 per square ft. b) There is not enough evidence to reject the claim that the average annual rent for office space in Tampa was 17.63 per square ft. c) There is enough evidence to reject the claim that the average annual rent for office space in Tampa was 18.72 per square ft. d) Give your own conclusion: 17613