A firm is considering expanding into Denver area. In order to cover costs, the firm needs rents in this area to average more than $500 per month. Are Denver rents high enough to justify the expansion? The firm obtain rents for a sample of size n = 45; the average rent was $647 with S = $299.

Answer rating: 100% (QA)

The provided sample mean is X 647 and the known population standard deviation is 299 and the sample ... View the full answer