Scenario: Ryan Wants to Rent an Apartment

question 88

Multiple Choice

Scenario: Ryan wants to rent an apartment. The following table shows the monthly rent of five apartments and the number of hours per month it takes to commute to work from each apartment. Ryan's opportunity cost of time is $15 per hour.

-Refer to the scenario above.The total cost per month is the highest if Apartment ________ is rented.

• A) 2
• B) 3
• C) 4
• D) 5

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Definitions:

Obtained Value

The genuine result or value obtained by conducting a statistical test or experiment.

P Value

A statistical measure that helps scientists determine the significance of their research results, indicating the probability of obtaining an effect at least as extreme as the one in your sample data if the null hypothesis were true.

T Value

In hypothesis testing, it is the calculated value used to compare against a critical value to decide whether to reject the null hypothesis.

Variance

A numerical indicator that shows the distribution or variability of a dataset around its average value.