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

---

Definitions:

Interest Rate

The part of a loan that incurs interest fees for the borrower, often shown as an annual percentage rate of the total amount borrowed.

Garden Gnomes

Decorative statues that represent humanoid figures, often placed in gardens or outdoor areas for ornamentation.

Long-Run Equilibrium

A state in which all factors of production and outputs are fully adjusted to each other, and all economic forces are in balance, with no surplus or shortage.

Plaster

A mixture of lime or gypsum with sand and water that hardens when dried, used for coating walls and ceilings.