Average rent per square foot

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Reference no: EM131798149

During the fourth quarter o f 2009, rents declined in almost all major cities in the United States. The largest fall was in New York, where average rents fell nearly 20% to $44.69 per square foot annually (The Wall Street Journal, January 8, 2010). The following table lists the average rent per square foot for 10 cities during the fourth quarter of 2009.

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a. Specify the competing hypotheses in order to determine whether the median rent is greater than $25 per square foot.

b. Calculate the value of the test statistic. Assume the normal approximation for T.

c. Calculate the p-value.

d. At the 1 % significance level, can you conclude that the median rent exceeds $25 per square foot?

Reference no: EM131798149

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