# Question

According to Money, the average price of a home in Albuquerque is $165,000. Suppose that the reported figure is a sample estimate based on 80 randomly chosen homes in this city, and that the population standard deviation was known to be $55,000. Give an 80% confidence interval for the population mean home price.

## Answer to relevant Questions

A mining company needs to estimate the average amount of copper ore per ton mined. A random sample of 50 tons gives a sample mean of 146.75 pounds. The population standard deviation is assumed to be 35.2 pounds. Give a 95% ...A telephone company wants to estimate the average length of long-distance calls during weekends. A random sample of 50 calls gives a mean x-bar = 14.5 minutes and standard deviation s = 5.6 minutes. Give a 95% confidence ...The following is a random sample of the wealth, in billions of U.S. dollars, of individuals listed on the Forbes “Billionaires” list for 2007.8 2.1, 5.8, 7.3, 33.0, 2.0, 8.4, 11.0, 18.4, 4.3, 4.5, 6.0, 13.3, 12.8, 3.6, ...An art dealer wants to estimate the average value of works of art of a certain period and type. A random sample of 20 works of art is appraised. The sample mean is found to be $5,139 and the sample standard deviation $640. ...A maker of portable exercise equipment, designed for health-conscious people who travel too frequently to use a regular athletic club, wants to estimate the proportion of traveling business people who may be interested in ...Post your question

0