A Real Estate Agent Surmises That the Median Rent for a One-Bedroom

question 5

Multiple Choice

A real estate agent surmises that the median rent for a one-bedroom apartment in a beach community in southern California is at least $1300 per month. The rents for a random sample of 15 one-bedroom apartments
Are listed below. Find the critical value to test the agentʹs claim. Use $$\alpha = 0.01$$ . $$\begin{array} { l l l l l } \$ 1600 & \$ 1550 & \$ 1000 & \$ 1175 & \$ 1035 \\\$ 2050 & \$ 1475 & \$ 970 & \$ 1690 & \$ 2300 \\\$ 1295 & \$ 1300 & \$ 1375 & \$ 1300 & \$ 1080\end{array}$$

• A)1
• B)2
• C)3
• D)4

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Definitions:

Supplies Cost

The cost associated with materials and items that are consumed or used in the process of producing goods or providing services.

Machine-Hours

A measure of production output or capacity based on the number of hours a machine operates.

Variable Overhead Rate Variance

represents the difference between the actual variable overhead incurred and the standard variable overhead allocated for the actual production achieved.

Manufacturing Overhead

The total of all the indirect costs involved in manufacturing a product, which can include expenses related to equipment maintenance, factory rent, and utilities.