Question

The average cost per square foot for office rental space in the central business district of Philadelphia is $23.58, according to Cushman & Wakefield. A large real estate company wants to confirm this figure. The firm conducts telephone survey of 95 offices in the central business district of Philadelphia and asks the office managers how much they pay in rent per square foot. Suppose the sample average is $22.83 per square foot. The population standard deviation is $5.11.
a. Conduct a hypothesis test using to determine whether the cost per square foot reported by
Cushman & Wakefield should be rejected.
b. If the decision in part (a) is to fail to reject and if the actual average cost per square foot is $22.30, what is the probability of committing a Type II error?



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  • CreatedFebruary 19, 2015
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