Significance test for apartment rents. Recall given Exercise. Does this SRS give good reason to believe that the mean rent of all advertised one-bedroom apartments is greater than $550? State the hypotheses, find the t statistic and its P-value, and state your conclusion
Exercise
Apartment rents. You randomly choose 16 unfurnished one-bedroom apartments from a large number of advertisements in your local newspaper. You calculate that their mean monthly rent is $658 and their standard deviation is $111.
(a) What is the standard error of the mean?
(b) What are the degrees of freedom for a one-sample t statistic?