Reis, Inc., a New York real estate research firm, tracks cost of apartment rentals in United States. In mid-2002, the nationwide mean apartment rental rate was $895 per month (The Wall Street Journal, July 8, 2002). Suppose that, based upon the historical quarterly surveys, a population standard deviation of = $225 is reasonable. In current study of apartment rental rates, a sample of 180 apartments nationwide provided apartment rental rates shown in the CD file named RentalRates. Do the sample data enable Reis to conclude that population mean apartment rental rate now exceeds the level reported in 2002?
Q. Determine the p-value?(3 digits to right of decimal)
Q. At = .01, what is your conclusion?
Q. Compute the critical value? (5 digits to right of decimal)
Q. What would you suggest Reis consider doing at this time?