For a sample of 36 houses, what would you expect the distribution of the sale prices to be? A real-estate agent has been assigned 10 houses at random to sell this month. She wants to know whether the mean price of those houses is typical. What, if anything, does she need to assume about the distribution of prices to be able to use the Central Limit Theorem? Are those assumptions reasonable?
Answer to relevant QuestionsFor the confidence interval in Exercise 14 part a: a) To reduce the margin of error to about $4, how large would the sample size have to be? b) How large would the sample size have to be to reduce the margin of error to ...A confidence interval for the price of gasoline from a random sample of 30 gas stations in a region gives the following statistics: y = + 4.49 s = + 0.29 a) Find a 95% confidence interval for the mean price of regular ...In 2012, a large number of foreclosed homes in the Washington, DC, metro area were sold. In one community, a sample of 30 foreclosed homes sold for an average of $ 443,705 with a standard deviation of $ 196,196. a) What ...As in Exercise 3, cholesterol levels in healthy U.S. adults average about 215 mg/dL with a standard deviation of about 30 mg/dL and are roughly Normally distributed. If the cholesterol levels of a sample of 42 healthy US ...After the sub- prime crisis of late 2007, real estate prices fell almost everywhere in the U.S. In 2006–2007 before the crisis, the average selling price of homes in a region in upstate New York was $ 191,300. A real ...
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