According to Money, the average price of a home in Albuquerque is $165,000. Suppose that the reported
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.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 70% (10 reviews)
55000 n 80 165000 80 ...View the full answer
Answered By
Hillary Waliaulah
As a tutor, I am that experienced with over 5 years. With this, I am capable of handling a variety of subjects.
5.00+
17+ Reviews
30+ Question Solved
Related Book For
Complete Business Statistics
ISBN: 9780077239695
7th Edition
Authors: Amir Aczel, Jayavel Sounderpandian
Question Posted:
Students also viewed these Statistics questions
-
The data at right show the average price of a movie ticket for selected years. Find a medianmedian line for the years 1935-2001. Does your line seem to fit the data well? Which years are not...
-
The file contains the average price of a room at two-star, three-star, and four-star hotels in cities around the world in 2009 in English pounds (about US$1.57 as of October 2010). Complete the...
-
A 99% confidence interval for a population mean based on a sample of size 64 is computed to be (16.3, 18.7). How large a sample is needed so that a 99% confidence interval will specify the mean to...
-
Suppose you have a subject property with a 105,000 sq. ft. lot and existing improvements for which you estimate the reproduction cost new to be $2,500,000, physical deterioration to be $400,000,...
-
A single-price, profit-maximizing monopolist: a. Causes excess demand, or shortages, by selling too few units of a good or service. b. Chooses the output level at which marginal revenue begins to...
-
The following are the transactions relating to the formation of Gray Mowing Services Inc. and its first month of operations. Prepare an answer sheet with the columns shown. Record each transaction in...
-
What roles might more recent analysis activities, such as data mining, predictive statistical analyses, and operational experiments, play in increasing organizational effectiveness?
-
Casey Fisher and Logan Baylor formed a partnership in which the partnership agreement provided for salary allowances of $40,000 and $35,000, respectively. Determine the division of a $20,000 net loss...
-
Create a PivotTable in Excel to summarize these data using classes 0-9999, 1000-19999, 20000-29999, 30000-39999 to answer the following questions. Hint: Use # U.S. Locations as the COLUMNS and use...
-
The following December 31, 2024, fiscal year-end account balance information is available for the Stonebridge Corporation: The only asset not listed is short-term investments. The only liabilities...
-
Recently, three new airlines, MAXjet, L'Avion, and Eos, began operations selling business or first-class-only service. These airlines need to estimate the highest fare a business-class traveler would...
-
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...
-
Refer to Exercise 14.25. Present the ANOVA table. What conclusions can you draw from the two F tests? Take a = .05. 4020 3 773 B2-086 - I 75 123
-
The weights of cars in a fleet consisting of 50 compact cars and 50 delivery trucks. Answer the following questions: a. How many modes would you expect for the distribution? b. Would you expect the...
-
You've been asked to design a flywheel and the associated emergency friction braking system for an electric vehicle. In order to fit the available space, the flywheel must be cast in the form of a...
-
The ages of people who visit Disneyworld. Answer the following questions: a. How many modes would you expect for the distribution? b. Would you expect the distribution to be symmetric, left-skewed,...
-
You are told that a person has walked 750 m. What can you safely say about the persons final position relative to the starting point?
-
When a ball is thrown upward, what are its velocity and acceleration at its highest point?
-
You read a study involving a new screen for rheumatoid arthritis, and the report indicates that those with the disease had the antibody levels shown in Table 3.3. How many subjects had their antibody...
-
d. The characteristic equation of a control system is given by s+2s+8s+12s+20s+16+16=0. Determine the number of the roots of the equation which lie on the imaginary axis of s-plane
-
For the data set (a) Draw a scatter diagram. Comment on the type of relation that appears to exist between x and y. (b) Given that x = 6.2, sx = 3.03315, y-bar = 2.04, sy = 0.461519, and r =...
-
(a) By hand, draw a scatter diagram treating x as the explanatory variable and y as the response variable. (b) Select two points from the scatter diagram and nd the equation of the line containing...
-
(a) By hand, draw a scatter diagram treating x as the explanatory variable and y as the response variable. (b) Select two points from the scatter diagram and nd the equation of the line containing...
-
Prove that Russian multiplication does what it needs to do, i.e. the result is the product of the two integers. Do not use the proof of the book. It is mainly an exercise in understanding the binary...
-
What is the fundament difference between growing a unicorn versus a camel? What are the financial recommendations for start-ups and the reasons given for those choices? Do you agree with these...
-
16. Nickel Inc. bought $500,000 of 3-year, 9% bonds as an investment on December 31, 2015 for $545,000. Nickel uses straight-line amortization. On May 1, 2016, $100,000 of the bonds were redeemed at...
Study smarter with the SolutionInn App