Question: Problem 3 (Hypothesis testing for Variance). Rentals: We would like to determine whether the standard deviation on monthly rents for one-bedroom apartments is smaller than

determine whether the standard deviation on monthly rents for one-bedroom apartments is

Problem 3 (Hypothesis testing for Variance). Rentals: We would like to determine whether the standard deviation on monthly rents for one-bedroom apartments is smaller than $200 in Pittsburgh. That is, we hope to reject the null hypothesis that the standard deviation is $200 or greater. The monthly rents on a random sample of 7 one-bedroom apartments are listed below (in $'s). Assume these monthly rents are normally distributed. |725 652 662 723 926 867 901

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